May WTI crude oil (CLK26) on Tuesday closed down -1.50 (-1.46%), and May RBOB gasoline (RBK26) closed down -0.0559 (-1.71%). Crude oil and gasoline prices gave up an early advance on Tuesday and settled sharply lower on hopes that the war in Iran is near an end.
Crude prices initially rallied sharply to a 3-week high on Tuesday after President Trump said he is willing to end the US military campaign against Iran even if the Strait of Hormuz remains closed. Also, the action by Iran on Tuesday to strike a fully laden Kuwaiti oil tanker off Dubai with a drone supported oil prices.
