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Barchart
Rich Asplund

Crude Oil Prices Slide on US-Iran Peace Optimism

Oil United States Iran Russia OPEC Strait of Hormuz IEA

July WTI crude oil (CLN26) today is down -3.17 (-3.38%), and July RBOB gasoline (RBN26) is down -0.0498 (-1.58%). Crude oil and gasoline prices today extended Tuesday's sharp losses, with crude falling to a 5-week low and gasoline falling to 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 slid today 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 more than half their losses when US officials said the unofficial draft obtained by Iranian state television is a "complete fabrication" and "not true."

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