April WTI crude oil (CLJ26) on Monday closed down -10.10 (-10.28%), and April RBOB gasoline (RBJ26) closed down -0.3045 (-9.42%). Crude oil and gasoline prices gave up an overnight advance and plunged on Monday, with crude falling to a 1.5-week low and gasoline dropping to a 1-week low. Crude prices sank after President Trump postponed strikes on Iran's power plants and said discussions were underway about ending the war in Iran.
Crude prices initially rallied in overnight trade, with crude posting a 2-week high and gasoline soaring to a 3.5-year high after President Trump on Saturday gave Iran until Monday evening to reopen the Strait of Hormuz or the US would attack Iran's power plants. Iran said it would mine the "entire Persian Gulf" and block all access routes through the Strait if its power plants were attacked.
