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Barchart
Rich Asplund

Crude Oil Prices Pressured on Hopes Diplomacy Can End US-Iran War

Oil crude oil United States Iran Russia Donald Trump OPEC IEA NATO

June WTI crude oil (CLM26) today is down -0.45 (-0.41%), and June RBOB gasoline (RBM26) is down -0.0885 (-2.35%). Crude oil and gasoline prices are under pressure today from a stronger dollar, as the dollar index ($DXY) jumped to a 6-week high. Crude prices are also moving lower after President Trump late Monday said he called off a strike on Iran scheduled for today after Gulf allies asked for more time to give diplomacy a chance. Losses in crude are limited as the Strait of Hormuz remains closed, tightening global oil supplies.

Hopes that a peace deal to end the US-Iran war is near are undercutting crude prices after President Trump said today 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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