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Barchart
Barchart
Rich Asplund

Crude Prices Fall on Hopes Diplomacy Can End US-Iran War

Oil United States Iran Russia OPEC Ukraine EIA IEA Strait of Hormuz

May WTI crude oil (CLK26) on Tuesday closed down -7.80 (-7.87%), and May RBOB gasoline (RBK26) closed down -0.0765 (-2.46%).  Crude oil and gasoline prices fell sharply on Tuesday in hopes that the US and Iran would extend peace negotiations.  Crude prices extended their losses on Tuesday after the US authorized some Russian crude oil transactions.

Crude prices tumbled on Tuesday as the US and Iran are in discussions to hold additional negotiations on a longer-term ceasefire and to extend the two-week ceasefire that expires on April 22.  The New York Post reported that President Trump said talks could resume "over the next two days" in Pakistan.  

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