Crude Oil Brent Dec '30 (CBZ30)
Crude Oil Brent Futures Market News and Commentary
July WTI crude oil (CLN26) today is down -4.35 (-5.12%), and July RBOB gasoline (RBN26) is down -0.0808 (-2.65%).
Crude oil and gasoline prices are sinking today, with crude falling to a 2-month low and gasoline dropping to a 2-month low. Crude is plunging today after the US and Iran agreed to end their war and reopen the Strait of Hormuz.Â
President Trump said the Strait of Hormuz will reopen after this Friday's signing of the peace deal in Switzerland, which will trigger the start of 60 days of talks on Iran's nuclear program. However, if an agreement isn't reached on nuclear, the US could restart military attacks.Â
According to Kpler, nearly 600 vessels are still stuck in the Persian Gulf awaiting departure through the strait, while hundreds more are waiting on the other side. Vortexa said, "If the US-Iran deal is completed and insurance companies are willing to insure the vessels, ballast tankers would increase, followed by the restart of crude production and... Read more
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