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Rich Asplund

Crude Oil Prices Plummet on Speculation Strait of Hormuz Could Soon Reopen

Oil Donald Trump United States EIA Russia OPEC Strait of Hormuz IEA

July WTI crude oil (CLN26) on Wednesday closed down -5.89 (-5.66%), and July RBOB gasoline (RBN26) closed down -0.1911 (-5.35%). Crude oil and gasoline prices plunged on Wednesday, with gasoline falling to a 1.5-week low. Crude price plummeted on Wednesday after President Trump said the US is in the "final stages" with Iran, bolstering speculation that crude supplies will soon start flowing out of the Strait of Hormuz. Crude prices remained sharply lower on a mixed weekly EIA inventory report.

Crude prices sank on Wednesday in hopes that a peace deal to end the US-Iran war is near, which could soon reopen the Strait of Hormuz. President Trump said on Wednesday that the US is in the "final stages" of talks with Iran. On Tuesday, Mr. Trump said that Iran is "being reasonable" and that he will "maybe" give them until early next week to make a peace deal.

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