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Rich Asplund

Crude Oil Prices Whipsaw Sharply Lower on Iran Peace Hopes

Oil Donald Trump Iran United States OPEC Strait of Hormuz

July WTI crude oil (CLN26) on Thursday closed down -2.32 (-2.58%), and July RBOB gasoline (RBN26) closed down -0.0085 (-0.27%).

Crude oil and gasoline prices gave up an early advance and settled sharply lower on Thursday after President Trump said he canceled planned military strikes on Iran, signaling a peace deal is imminent. Crude prices initially whipsawed higher on Thursday after President Trump said the US will continue attacks on Iran and threatened to seize Kharg Island, Iran’s main crude exporting hub.

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