Crude Oil WTI Jul '17 (CLN17)
Crude Oil WTI Futures Market News and Commentary
June WTI crude oil (CLM26) today is down -3.36 (-3.53%), and June RBOB gasoline (RBM26) is down -0.0862 (-2.49%). Â Crude oil and gasoline prices are sharply lower for a second day today on optimism that a US-Iran peace deal is imminent. Â The markets await further updates after the US presented a proposal to Iran that would gradually reopen the Strait of Hormuz and lift the US blockade on Iranian ports. Â Iran is expected to respond via Pakistan in the next few days.
Crude prices slumped today after Al Arabiya, a Saudi-affiliated outlet, reported that agreements had been reached to ease the US naval blockade of Iran in exchange for a gradual reopening of the Strait of Hormuz.
Energy prices remain underpinned amid the Strait of Hormuz's continued closure, threatening to deepen the global energy crisis. Â The ongoing blockade could exacerbate global oil and fuel shortages, as about a fifth of the world's oil and liquefied natural gas transits through the strait. Â Goldman Sac... Read more
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