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Barchart
Barchart
Rich Asplund

Crude Oil Prices Rally on Doubts Over US-Iran Ceasefire

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

June WTI crude oil (CLM26) today is up +3.95 (+4.03%), and June RBOB gasoline (RBM26) is up +0.1110 (+3.08%).  Crude oil and gasoline prices are moving sharply higher today after President Trump cast doubt over the ceasefire with Iran, which could lead to the escalation of hostilities that keep the Strait of Hormuz closed.

Crude prices continue to climb after President Trump and Iran rejected each other's latest peace proposals to end the 10-week conflict.  President Trump called Iran's response to his peace proposal a "piece of garbage" and said that the current ceasefire was on "life support."

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