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Barchart
Barchart
Rich Asplund

Crude Oil Prices Tumble on Hopes for an End to the War in the Middle East

Oil crude oil the Middle East Middle East EIA United States Donald Trump Iran Russia the Strait of Hormuz

May WTI crude oil (CLK26) today is down -1.62 (-1.60%), and May RBOB gasoline (RBK26) is down -0.0787 (-2.46%).  Crude oil and gasoline prices are sharply lower today amid mounting optimism that the war in the Middle East is nearing an end.   Crude prices remained lower after weekly EIA crude inventories rose more than expected to a 2.75-year high.  

Crude oil is tumbling today after President Trump said he foresaw the US ending the war with Iran within two to three weeks.  Mr. Trump said Iran has asked for a ceasefire, which he will consider when the Strait of Hormuz is “open, free and clear.”  

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