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Barchart
Barchart
Rich Asplund

Dollar Strength and Easing Iran Tensions Hammer Crude Prices

Oil Iran OPEC United States Donald Trump Middle East Ukraine EIA Russia

March WTI crude oil (CLH26) on Monday closed down -3.07 (-4.71%), and March RBOB gasoline (RBH26) closed down -0.0908 (-4.68%).

Crude oil and gasoline prices sold off sharply on Monday amid a stronger dollar and easing geopolitical risks in the Middle East.  The dollar index (DXY00) rallied to a 1-week high on Monday, and President Trump said the US is talking to Iran, while Iran’s foreign ministry said it hopes diplomatic efforts will avert a war.   Axios reported on Monday that US envoy Witkoff and Iranian Foreign Minister Abbas Araghchi are set to meet in Istanbul on Friday.

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