May WTI crude oil (CLK26) today is down -11.82 (-12.48%), and May RBOB gasoline (RBK26) is down -0.2138 (-6.76%). Crude oil and gasoline prices have plummeted today, with crude falling to a 5-week low and gasoline sliding to a 1-week low. Energy prices sank today 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. The prospects for a formal peace agreement also solidified when Israel and Lebanon agreed to a 10-day ceasefire on Thursday, and the truce appears to be holding today.
Crude prices came under pressure today 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.
