Crude Oil WTI Jul '23 (CLN23)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN26) on Friday closed down -2.50 (-2.69%), and July RBOB gasoline (RBN26) closed up +0.0076 (+0.25%).
Crude oil prices settled sharply lower on Friday amid hopes of a US-Iran peace settlement that would allow the reopening of the Strait of Hormuz. Also, Friday's rally in the dollar index ($DXY) to a 1.75-month high weighed on crude prices.Â
Crude oil prices fell sharply on Friday even as the US and Iran have made little progress in talks over an interim peace deal, with clashes between Israel and Hezbollah militants ongoing in Lebanon.  Iran insists on a ceasefire in Lebanon before accepting a US deal to extend the truce and reopen the Strait of Hormuz. President Trump said Thursday that negotiations with Iran are in the "final" stages without elaborating. In contrast, Iran's Foreign Minister Abbas Araghchi earlier said there had been "no tangible progress" even though both sides continue to exchange messages via mediators.
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