June WTI crude oil (CLM26) today is down -7.13 (-6.97%), and June RBOB gasoline (RBM26) closed down -0.1780 (-4.92%). Crude oil and gasoline prices are plunging today, with crude falling to a 2-week low and gasoline sliding to a 1-week low. Optimism that a US-Iran peace deal is near at hand is hammering energy prices today. Crude prices added to their losses on a bearish weekly EIA inventory report.
Crude prices plummeted today after Axios reported that the US believes it’s close to an agreement with Iran to end the nearly 10-week war. The US sees Iran responding within 48 hours to a one-page memorandum of understanding to end the war, which would include both sides lifting restrictions on the Strait of Hormuz.
