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Rich Asplund

Crude Oil Prices Slip on Diplomatic Hopes to End Iran War

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

June WTI crude oil (CLM26) on Tuesday closed down -0.89 (-0.82%), and June RBOB gasoline (RBM26) closed down -0.0645 (-1.72%). Crude oil and gasoline prices retreated on Tuesday after the dollar index ($DXY) jumped to a 6-week high. Crude prices also moved lower after President Trump late Monday said he called off a strike on Iran scheduled for Tuesday after Gulf allies asked for more time to give diplomacy a chance. Losses in crude were limited as the Strait of Hormuz remains closed, tightening global oil supplies.

Hopes that a peace deal to end the US-Iran war is near are undercutting crude prices after President Trump on Tuesday said that Iran is "being reasonable" and that he will "maybe" give them until early next week to make a peace deal.

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