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Barchart
Barchart
Rich Asplund

Crude Prices Fall on Hopes for US-Iran Negotiations

Oil United States Iran OPEC Donald Trump Russia Strait of Hormuz Ukraine IEA

June WTI crude oil (CLM26) on Friday closed down -3.13 (-2.98%), and June RBOB gasoline (RBM26) closed down -0.0198 (-0.55%).  Crude oil and gasoline prices gave up early gains on Friday and settled sharply lower, with gasoline falling from a 3.75-year high.  Crude prices came under pressure on Friday in hopes that negotiations to end the US-Iran war will resume.  

Crude prices retreated on Friday on hopes that negotiations to end the US-Iran war will resume after Iranian Foreign Minister Abbas Araghchi said Iran is ready to continue diplomatic efforts with the US if the Americans change their approach and avoid "excessive demand, threatening rhetoric, and provocative actions."

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