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Rich Asplund

Crude Prices Tumble on Hopes Negotiations to End Iran War Will Resume

Oil Iran United States OPEC Donald Trump Russia Strait of Hormuz Ukraine IEA

June WTI crude oil (CLM26) today is down -3.37 (-3.21%), and June RBOB gasoline (RBM26) is down -0.0448 (-1.24%).  Crude oil and gasoline prices gave up early gains today and retreated , with gasoline falling from a 3.75-year high, on hopes that negotiations to end the US-Iran war will resume.   Crude prices initially moved higher today after the dollar index ($DXY) fell to a 2-week low, and as the Strait of Hormuz remains closed, tightening global energy supplies.

Crude prices retreated today on hopes that negotiations to end the US-Iran war will resume after Axios reported that Iran had delivered its response to the latest US amendments to the agreement.  

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