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Barchart
Rich Asplund

Crude Oil Prices Underpinned by Lack of Progress in US-Iran Peace Negotiations

Oil United States Iran Russia OPEC Strait of Hormuz IEA Ukraine

June WTI crude oil (CLM26) today is up +1.44 (+1.38%), and June RBOB gasoline (RBM26) is up +0.0441 (+1.19%).  Crude oil and gasoline prices rallied to 2-week highs today as doubts about the progress of peace negotiations to end the US-Iran war keep the Strait of Hormuz closed and tighten global oil supplies.  

Harsh rhetoric from President Trump boosted crude oil prices when he said the "clock is ticking" on Iran, and it "better get moving FAST on a peace deal, or there won't be anything left of them."  Also, crude prices rose after Iran said that, despite draft changes, US demands for ending the war were "excessive and unrealistic."

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