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Barchart
Barchart
Rich Asplund

Crude Oil Prices Sink on Hopes for US-Iran Diplomacy

Oil crude oil United States Iran OPEC the Middle East Russia the Strait of Hormuz Ukraine Vortexa

September WTI crude oil (CLU26) on Monday closed down -6.70 (-7.50%), and September RBOB gasoline (RBU26) closed down -0.0820 (-2.52%).

Crude oil and gasoline prices sank on Monday, with gasoline falling to a 1-week low. The easing of tensions in the Middle East weighed on energy prices Monday after the US and Iran held off on further attacks for a third day, and Iran signaled it would refrain from any retaliation as it held negotiations with Oman over the Strait of Hormuz. Losses in crude oil accelerated on Monday after President Trump said that the US paused Iran strikes to give peace talks a chance.

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