Get all your news in one place.
100's of premium titles.
One app.
Start reading
Barchart
Barchart
Rich Asplund

Crude Oil Prices Sink as Hormuz-Reopening Talks Continue

Oil United States Russia OPEC Strait of Hormuz EIA IEA Iran

July WTI crude oil (CLN26) on Wednesday closed down -5.21 (-5.55%), and July RBOB gasoline (RBN26) closed down -0.0798 (-2.54%). Crude oil and gasoline prices on Wednesday fell sharply for a second day, with crude posting a 5-week low and gasoline posting a 6-week low. Crude prices are under pressure in hopes of a peace deal between the US and Iran that could soon reopen the Strait of Hormuz.

Crude prices sold off on Wednesday after Iranian television said it obtained an unofficial draft of the US-Iran memorandum, which said US military forces would lift the naval blockade of Iran while Iran would allow restored commercial transit shipping through the Strait of Hormuz. However, crude prices recovered from their lows when US officials said the unofficial draft obtained by Iranian state television is a "complete fabrication" and "not true."

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Claude Lalanne’s bronze monkey armchair with ostrich leather seat sold for $1.079 million
Sotheby’s auction in December 2025 saw the sale of a remarkable gilt-bronze armchair by Claude Lalanne, which captured attention with its elaborate vines and monkey embellishments. This particular design, created in 1998, was the pioneer among Lalanne’s 'Singerie' armchairs to attract a successful sale. The high demand for Lalanne's artistry…
The Times of India
The Times of India
Jimmy Kimmel on Trump’s Nobel prize ‘snub’: ‘Thanks a lot, Norway. You made our baby cry’
The host discussed being called a ‘loser’ by Trump and the appointment of the new White House press secretary
The Guardian - US
The Guardian - US
5 Coffee Creamers That Add More Sugar Than You May Realize
Coffee creamer can make a morning cup taste like a coffeehouse treat, but a little splash can add more sugar than you might expect. Many popular flavored creamers contain around 5 grams of sugar per tablespoon, even when their sweetness doesn’t seem especially strong. The serving size is also smaller…
Grocery Coupon Guide
Grocery Coupon Guide
Restaurant Kids’ Meals vs. Fast Food: Which Is Actually Cheaper?
A kids’ meal is usually marketed as a smaller, cheaper option for children, but the best value depends on what comes in the box. Some meals include a full entrée, a side, a drink, and dessert for less than an adult combo. Others offer noticeably smaller portions, making the savings…
Grocery Coupon Guide
Grocery Coupon Guide
Soulja Boy Teases 2028 Presidential Run as Rapper Reveals His 'New Chapter' and Political Priorities
Soulja Boy 2028 speculation grows after the rapper asks for votes, outlines four political priorities and leaves his presidential campaign intentions uncertain.
International Business Times UK
International Business Times UK
Mark Zuckerberg Almost Gets Sick After Sipping Guinness as Online Critics Joke About His 'First Beer'
A clip of Mark Zuckerberg appearing hesitant after sipping Guinness on a podcast has prompted jokes on Reddit, while his reaction remains open to interpretation.
International Business Times UK
International Business Times UK
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play