
August WTI crude oil (CLQ25) today is down -3.34 (-4.88%), and August RBOB gasoline (RBQ25) is down -0.0930 (-4.23%).
Crude oil and gasoline fell sharply today to 1-1/2 week lows after President Trump announced a ceasefire in the Israel-Iran conflict, reducing concerns about a disruption to Middle Eastern crude supplies and removing some of the geopolitical risk built into crude prices. Losses in crude accelerated today after President Trump said that China can continue buying Iranian oil, bolstering speculation the US may soon remove sanctions on Iranian crude exports.