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Barchart
Rich Asplund

Crude Oil Prices Sink on Improved Iran Peace Prospects

Oil Iran United States EIA OPEC Russia Donald Trump Strait of Hormuz IEA Ukraine

June WTI crude oil (CLM26) on Wednesday closed down -7.19 (-7.03%), and June RBOB gasoline (RBM26) closed down -0.1613 (-4.46%).  Crude oil and gasoline prices plummeted on Wednesday, with crude falling to a 2-week low and gasoline sliding to a 1-week low.  Optimism that a US-Iran peace deal is imminent sparked long liquidation in energy prices on Wednesday.  Crude prices added to their losses on a bearish weekly EIA inventory report.  

Crude prices plummeted on Wednesday after Axios reported that the US believes it's close to an agreement with Iran to end the nearly 10-week war.  The US sees Iran responding within 48 hours to a one-page memorandum of understanding to end the war, which would include both sides lifting restrictions on the Strait of Hormuz.  

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