May WTI crude oil (CLK26) today is down -17.10 (-15.14%), and May RBOB gasoline (RBK26) is down -0.3070 (-9.29%). Crude oil and gasoline prices are falling sharply today, with crude sliding to a 1.5-week low and gasoline falling to a 2-week low. Crude prices plunged today after the US and Iran agreed to a two-week ceasefire and Iran agreed to reopen the Strait of Hormuz. Crude prices were also pressured after weekly EIA crude inventories rose more than expected to a 2.75-year high.
Crude prices recovered from their worst levels after Iran's semi-official Fars news agency said that passage of oil tankers through the Strait of Hormuz has been halted due to Israel's continuing attacks on Lebanon.
