June WTI crude oil (CLM26) on Thursday closed down -0.27 (-0.28%), and June RBOB gasoline (RBM26) closed down -0.0033 (-0.10%). Crude oil and gasoline prices closed lower on Thursday on optimism that a US-Iran peace deal is imminent. The markets await further updates after the US presented a proposal to Iran that would gradually reopen the Strait of Hormuz and lift the US blockade on Iranian ports. Iran is expected to respond via Pakistan in the next few days. However, crude prices recovered most of their losses Thursday afternoon on a report that said the US is looking to restart an operation guiding commercial ships through the Strait of Hormuz, which had been paused earlier this week amid pushback from Gulf allies.
Crude prices initially slumped on Thursday after Al Arabiya, a Saudi-affiliated outlet, reported that agreements had been reached to ease the US naval blockade of Iran in exchange for a gradual reopening of the Strait of Hormuz.
