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Barchart
Barchart
Rich Asplund

Crude Oil Prices Tumble on Hope for an End to the US-Iran War

Oil United States Iran Russia OPEC IEA Strait of Hormuz Ukraine

July WTI crude oil (CLN26) today is down -1.85 (-2.08%), and July RBOB gasoline (RBN26) is down -0.0692 (-2.23%). Crude oil and gasoline prices are sliding today, with crude oil falling to a 5-week low. Crude prices are under pressure after the US and Iran tentatively agreed to extend a ceasefire by 60 days, fueling optimism that the Strait of Hormuz may reopen soon.

The markets are awaiting President Trump’s approval of a preliminary deal between the US and Iran to extend a ceasefire by 60 days and reopen the Strait of Hormuz. Vice President Vance said late Thursday that the parties are “going back and forth on a couple of language points,” including issues relating to Iran’s nuclear capabilities.

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