July WTI crude oil (CLN26) on Tuesday closed down -3.10 (-3.40%), and July RBOB gasoline (RBN26) closed down -0.0495 (-1.61%).
Crude oil and gasoline prices fell sharply on Tuesday, with crude posting a 7-week low and gasoline posting an 8-week low. Crude prices retreated on Tuesday as the ceasefire between Israel and Iran appears to be holding, which improves the prospects for a deal to end the US-Iran war and reopen the Strait of Hormuz. Also, weakness in Chinese crude oil demand is undercutting oil prices.