Crude Oil WTI Jan '33 (CLF33)
Crude Oil WTI Futures Market News and Commentary
June WTI crude oil (CLM26) on Tuesday closed down -4.15 (-3.90%), and June RBOB gasoline (RBM26) closed down -0.1176 (-3.15%). Â Crude oil and gasoline prices settled sharply lower on Tuesday as the ceasefire in the Middle East appears to be holding, easing geopolitical risks. Â
Crude prices retreated as relative calm returned to the Persian Gulf on Tuesday after US and Iranian forces exchanged fire on Monday in the Strait of Hormuz. Â Iranian Foreign Minister Abbas Araghchi on Tuesday said that talks with the US are "making progress" and that events in Hormuz make clear "there's no military solution to a potential crisis." Â Mr. Â Araghchi is traveling to China on Tuesday for talks on regional and international developments. Â The US is pressuring China to help convince Iran to reopen the Strait of Hormuz, as China buys almost all of Iran's oil exports. Â
On Monday, the US Central Command said the US military fought off attacks from Iranian drones, missiles, and armed small... Read more
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