April WTI crude oil (CLJ26) on Tuesday closed down -11.32 (-11.94%) at $83.45, and April RBOB gasoline (RBJ26) closed down -0.1681 (-5.99%). 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 $83-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 then fell sharply on Monday afternoon and into Tuesday after President Trump insisted the Iran war would be over soon, and as plans are being laid for a possible coordinated G-7 release of oil stockpiles. Also, President Trump has raised the possibility of sanction waivers to allow the release of Russian oil in floating storage.
