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Barchart
Rich Asplund

Crude Oil Prices Tumble as Strait of Hormuz Reopens

Oil United States Donald Trump OPEC Goldman Sachs IEA

July WTI crude oil (CLN26) today is down -2.90 (-3.78%), and July RBOB gasoline (RBN26) is down -0.0349 (-1.20%).

Crude oil and gasoline prices are retreating today, with crude falling to a 3.5-month low. Today's rally in the dollar index ($DXY) to a 13-month high is bearish for crude oil prices. Also, Wednesday night's action by President Trump to sign a preliminary deal to end the US-Iran war has reopened the Strait of Hormuz and allowed the restart of millions of barrels of oil exports, boosting global oil supplies.

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