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Barchart
Barchart
Rich Asplund

Crude Oil Prices Rally as US-Iran Talks on Hold

Oil United States Iran Donald Trump OPEC Russia Pakistan Strait of Hormuz Ukraine EIA

May WTI crude oil (CLK26) on Tuesday closed up +2.52 (+2.81%), and May RBOB gasoline (RBK26) closed up +0.0930 (+2.98%).  Crude oil and gasoline prices recovered from early losses on Tuesday and moved sharply higher as Iran has yet to confirm its attendance at further talks in Pakistan with the US before a ceasefire expires on Wednesday.

Gains in crude prices accelerated on Tuesday after Vice President Vance's trip to Pakistan to meet Iranian negotiators was put on hold when Iran failed to respond to US negotiating positions.

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