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Rich Asplund

Crude Prices Retreat as Iran Seeks to End Hostilities

Oil Iran OPEC Donald Trump Israel United States

July WTI crude oil (CLN25) today is down -2.42 (-3.32%), and July RBOB gasoline (RBN25) is down -0.0238 (-1.07%).

Crude oil prices surged by +5% initially on Sunday night as the Israel-Iran conflict entered its fourth day. However, crude prices gave up their advance and fell sharply on hopes that the conflict will be contained and that damage will be minimal for Iran's oil-exporting infrastructure. Losses in crude accelerated today on a news report that said Iran wants to cease hostilities and restart talks over its nuclear program.

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