November WTI crude oil (CLX25) today is down -2.33 (-3.79%), and November RBOB gasoline (RBX25) is down -0.058 (-3.09%).
Crude oil and gasoline prices are sharply lower today, with crude falling to a 5-month nearest-futures low and gasoline sinking to a 4.5-year low. Crude prices are under pressure due to cooling tensions in the Middle East, which reduces the chances of disruptions to the region’s crude supplies after Israel and Hamas agreed to a ceasefire. Losses in crude accelerated after stocks sold off on renewed trade tensions with China after President Trump threatened a “massive increase” of tariffs on Chinese goods, citing recent “hostile” export controls on rare-earth minerals.
