Crude Oil WTI Sep '24 (CLU24)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN26) on Thursday closed down -2.98 (-3.10%), and July RBOB gasoline (RBN26) closed down -0.0933 (-2.98%).
Crude oil prices settled sharply lower on Thursday amid hopes that the announced ceasefire between Israel and Lebanon could lead to a US-Iran peace plan that allows the reopening of the Strait of Hormuz. Â
Crude oil prices tumbled on Thursday after the US late Wednesday said Israel and Lebanon agreed to a ceasefire if Hezbollah also stops fighting and withdraws militants from areas near the border with Israel. The agreement would require the Lebanese army to take over after the withdrawal of Israeli troops. Iran insists a deal with the US requires a ceasefire in Lebanon.Â
However, crude prices recovered from their worst level on Thursday after Hezbollah militants said they refused to abide by the conditions of the ceasefire announced by the US State Department, and clashes continued in southern Lebanon.
The lack of clarity over th... Read more
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