August WTI crude oil (CLQ25) Monday closed down -5.33 (-7.22%), and August RBOB gasoline (RBQ25) closed down -0.1114 (-4.82%).
Crude oil and gasoline prices on Monday gave up sharp overnight gains and then plunged Monday afternoon after Iran's retaliation for the US attack on the country's nuclear sites was less severe than expected and spared US energy assets. Crude oil sank Monday afternoon when Iranian missile strikes on US bases in Qatar were intercepted and did no damage to US assets. Crude prices had already given back a 6% surge in overnight trade on speculation that Iran's response to the US bombing of its nuclear sites is unlikely to disrupt oil supplies from the Middle East significantly.
