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Barchart
Barchart
Rich Asplund

Crude Oil Prices Tumble on US-Iran Peace Progress

July WTI crude oil (CLN26) today is down -1.92 (-2.51%), and July RBOB gasoline (RBN26) is down -0.0276 (-0.92%).

Crude oil and gasoline prices gave up overnight gains and are sharply lower. Crude prices retreated today on signs of progress in US-Iran peace talks, including a waiver on some Iranian oil sanctions. Also, the reopening of the Strait of Hormuz is allowing crude supplies to flow, easing global oil supply concerns. Crude prices initially opened higher in overnight trade when Iran threatened to suspend talks and close the Strait of Hormuz following Israeli attacks against Hezbollah in Lebanon, and after President Trump threatened military action against Iran if Hezbollah militants continue to attack Israel.

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