September WTI crude oil (CLU26) on Tuesday closed down -3.35 (-4.06%), and September RBOB gasoline (RBU26) closed down -0.0253 (-0.80%).
Crude oil and gasoline prices settled sharply lower on Tuesday for a third day, with crude falling to a 1-week low. Crude prices added to Monday’s sharp losses on Tuesday on optimism over negotiations to reopen the Strait of Hormuz. Tensions in the Middle East have also eased and are weighing on crude prices as the US and Iran held off on further attacks for a fourth day.