June WTI crude oil (CLM26) today is down -4.54 (-4.27%), and June RBOB gasoline (RBM26) is down -0.1140 (-3.05%). Crude oil and gasoline prices are sharply lower today as the ceasefire in the Middle East appears to be holding, easing geopolitical risks.
Crude prices are retreating as relative calm returned to the Persian Gulf today after US and Iranian forces exchanged fire on Monday in the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi said today that talks with the US are “making progress” and said events in Hormuz make clear “there’s no military solution to a potential crisis.” Mr. Araghchi is traveling to China today for talks on regional and international developments. The US is pressuring China to help convince Iran to reopen the Strait of Hormuz, as China buys almost all of Iran’s oil exports.
