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Barchart
Rich Asplund

Crude Prices Fall Sharply in Hopes of a Deal to Reopen Hormuz

Oil United States Iran Hormuz Saudi Arabia Strait of Hormuz IEA OPEC Red Sea Vortexa

November WTI crude oil (CLX26) closed down -2.20 (-2.33%) on Friday, and November RBOB gasoline (RBX26) closed down -0.1455 (-4.37%).

Crude oil and gasoline prices sold off on Friday in hopes that negotiations between the US and Iran will lead to a deal to reopen the Strait of Hormuz. Losses in crude oil accelerated Friday after the crude crack spread fell to a 4-week low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

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