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Barchart
Barchart
Rich Asplund

Crude Prices Supported Ahead of Saturday’s US-Iran Peace Talks

Oil United States Iran Strait of Hormuz Russia Gulf OPEC Ukraine Vortexa

May WTI crude oil (CLK26) today is up +1.05 (+1.07%), and May RBOB gasoline (RBK26) is up +0.0366  (+1.22%).  Crude oil and gasoline prices are moving higher today amid a weaker dollar.  Also, the Strait of Hormuz remains blocked, curtailing crude oil flows from the Gulf and curbing global oil supplies.  Crude prices added to their gains today after Iran said there must be an immediate ceasefire in Lebanon and all Iranian blocked assets must be released “before any negotiations begin.”

Gains in crude are limited after Reuters reported that the US is likely to approve a waiver extension that would allow sales of some Russian crude oil.  

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