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Barchart
Rich Asplund

Crude Oil Prices Sharply Lower as Middle East Hostilities Subside

Oil United States Iran Middle East OPEC Strait of Hormuz EIA IEA

October WTI crude oil (CLV26) closed down -2.65 (-3.12%) on Tuesday, and October RBOB gasoline (RBV26) closed down -0.0391 (-1.32%).

Crude oil and gasoline prices settled sharply lower for a second day on Tuesday, falling to 1-week lows. Crude prices came under pressure on Tuesday after a news report said the US would be returning diplomats to Middle East embassies, easing concerns about an escalation of the Iran war.

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