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Barchart
Rich Asplund

Crude Oil Prices Tumble on Hopes for Iran Peace Progress

Oil Iran United States Russia OPEC IEA Strait of Hormuz

July WTI crude oil (CLN26) on Thursday closed down -1.91 (-1.94%), and July RBOB gasoline (RBN26) closed down -0.1073 (-3.17%). Crude oil and gasoline prices erased an early rally on Thursday and settled sharply lower, with gasoline falling to a 2-week low. Crude prices tumbled on hopes that the US and Iran are closing in on a peace deal that could lead to a resumption of crude supplies through the Strait of Hormuz. Thursday's rally in the dollar index ($DXY) to a 6-week high was also negative for crude prices.

Crude prices retreated on Thursday after Iran said the latest US proposal has "narrowed the gaps" between the two sides. That proposal suggested a short-term deal that would see Iran open the Strait of Hormuz and the US lift a blockade of Iranian ports, with both sides then going into deeper negotiations over Iran's nuclear program.

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