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Barchart
Barchart
Rich Asplund

Crude Prices Turn Lower as Iran Seeks to End Hostilities

Oil Iran OPEC Donald Trump Israel United States

July WTI crude oil (CLN25) Monday closed down -1.21 (-1.66%), and July RBOB gasoline (RBN25) closed down -0.0077 (-0.35%).

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 would be contained, and that damage would be minimal to Iran's oil-exporting infrastructure.  Losses in crude accelerated Monday on a news report that said Iran wants to cease hostilities and restart talks over its nuclear program.

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