Crude Oil WTI Jun '24 (CLM24)
Crude Oil WTI Futures Market News and Commentary
May WTI crude oil (CLK26) on Friday closed down -10.84 (-11.45%), and May RBOB gasoline (RBK26) closed down -0.1589 (-5.02%). Â Crude oil and gasoline prices plummeted on Friday, with crude falling to a 5-week low and gasoline sliding to a 1-week low. Â Energy prices sank on Friday after Iran said the Strait of Hormuz is now "completely open" to commercial shipping, paving the way for a peace deal to end the war and potentially freeing up millions of barrels of crude oil and fuel stuck inside the Persian Gulf. Â The prospects for a formal peace agreement also solidified when Israel and Lebanon agreed to a 10-day ceasefire on Thursday, and the truce held up on Friday.
Crude prices came under pressure on Friday after Axios reported that the US and Iran are negotiating over a plan to end the war, with one element under discussion being that the US would release $20 billion in frozen Iranian assets in return for Iran giving up its stockpile of enriched uranium.
Persian Gulf oi... Read more
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