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Barchart
Rich Asplund

Crude Oil Prices Plummet as the Strait of Hormuz Reopens

Oil Strait of Hormuz United States OPEC Russia Ukraine IEA Iran

May WTI crude oil (CLK26) on Friday closed down -10.84 (-11.45%), and May RBOB gasoline (RBK26) closed down -0.1589 (-5.02%).  Crude oil and gasoline prices plummeted on Friday, with crude falling to a 5-week low and gasoline sliding to a 1-week low.   Energy prices sank on Friday after Iran said the Strait of Hormuz is now "completely open" to commercial shipping, paving the way for a peace deal to end the war and potentially freeing up millions of barrels of crude oil and fuel stuck inside the Persian Gulf.  The prospects for a formal peace agreement also solidified when Israel and Lebanon agreed to a 10-day ceasefire on Thursday, and the truce held up on Friday.

Crude prices came under pressure on Friday after Axios reported that the US and Iran are negotiating over a plan to end the war, with one element under discussion being that the US would release $20 billion in frozen Iranian assets in return for Iran giving up its stockpile of enriched uranium.

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