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Barchart
Barchart
Rich Asplund

Crude Oil Prices Rally on Stalled US-Iran Peace Talks

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

June WTI crude oil (CLM26) today is up +2.68 (+2.84%), and June RBOB gasoline (RBM26) is up +0.0602 (+1.81%).  Crude oil and gasoline prices are sharply higher today, with gasoline posting a 3.75-year high.  Crude prices continue to climb as stalled peace talks between the US and Iran are keeping the Strait of Hormuz closed, tightening global oil supplies.

Crude price jumped today after President Trump on Saturday canceled planned negotiations with Iran in Pakistan, saying Iran "offered a lot, but not enough" to continue negotiations.  Iranian President Pezeshkian said Iran won't enter "imposed negotiations under threats or blockade."

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