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Barchart
Rich Asplund

Crude Oil Prices Pressured by Iran Peace Hopes

Oil Iran United States OPEC Russia Strait of Hormuz IEA Ukraine

June WTI crude oil (CLM26) today is down -3.36 (-3.53%), and June RBOB gasoline (RBM26) is down -0.0862 (-2.49%).  Crude oil and gasoline prices are sharply lower for a second day today on optimism that a US-Iran peace deal is imminent.  The markets await further updates after the US presented a proposal to Iran that would gradually reopen the Strait of Hormuz and lift the US blockade on Iranian ports.   Iran is expected to respond via Pakistan in the next few days.

Crude prices slumped today after Al Arabiya, a Saudi-affiliated outlet, reported that agreements had been reached to ease the US naval blockade of Iran in exchange for a gradual reopening of the Strait of Hormuz.

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