April WTI crude oil (CLJ26) is down -10.78 (-11.37%), and April RBOB gasoline (RBJ26) is down -0.1752 (-6.24%). April WTI crude oil on Monday rallied to a 3.75-year nearest-futures high of $119.48 but has since fallen back to the $84-per-barrel area.
Crude oil prices spiked higher to $119.48 on Monday after Israel, on Saturday, bombed 30 Iranian oil depots. However, oil prices have since fallen sharply as President Trump insists the Iran war will be over soon, and as plans are being laid for a possible coordinated G-7 release of oil stockpiles. G-7 finance ministers on Monday said, "We stand ready to take necessary measures, including to support the global supply of energy such as stockpile release." G-7 energy ministers met today to discuss a possible oil stockpile release. Also, President Trump has raised the possibility of sanction waivers to allow the release of Russian oil in floating storage.
