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Barchart
Barchart
Rich Asplund

Crude Oil Prices Sink as Israel-Iran Ceasefire Holds

Oil Iran Israel OPEC United States

July WTI crude oil (CLN26) today is down -3.42 (-3.75%), and July RBOB gasoline (RBN26) is down -0.0636 (-2.07%).

Crude oil and gasoline prices are sinking today, with crude posting a 1-week low and gasoline posting a 1.75-month low. Crude prices are under pressure today as the ceasefire between Israel and Iran appears to be holding, which improves the prospects for a deal to end the US-Iran war and reopen the Strait of Hormuz. Also, weakness in Chinese crude oil demand is undercutting oil prices.

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