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Barchart
Barchart
Rich Asplund

Crude Prices Fall on Hopes for De-Escalation of Hostilities in the Middle East

Oil the Middle East Middle East EIA United States crude oil Iran Donald Trump Russia the Strait of Hormuz

May WTI crude oil (CLK26) on Wednesday closed down -1.26 (-1.24%), and May RBOB gasoline (RBK26) closed down -0.1125 (-3.51%).  Crude oil and gasoline prices settled sharply lower on Wednesday amid mounting optimism that the war in the Middle East is nearing an end.   Crude prices remained lower after weekly EIA crude inventories rose more than expected to a 2.75-year high. 

Crude oil retreated on Wednesday after President Trump said he foresaw the US ending the war with Iran within two to three weeks.  Mr. Trump said Iran has asked for a ceasefire, which he will consider when the Strait of Hormuz is “open, free and clear.”  

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