Crude Oil WTI Mini May '25 (QMK25)
Crude Oil WTI Mini Futures Market News and Commentary
July WTI crude oil (CLN26) today is down -4.43 (-4.25%), and July RBOB gasoline (RBN26) is down -0.1264 (-3.54%). Â Crude oil and gasoline prices are falling sharply today on optimism that diplomacy may finally end the Iran war and reopen the Strait of Hormuz. Â Crude prices remained sharply lower on a mixed weekly EIA inventory report. Â
Hopes that a peace deal to end the US-Iran war is near are undercutting crude prices after President Trump said today that the US is in the "final stages" of talks with Iran. Â On Tuesday, Mr. Trump said that Iran is "being reasonable" and that he will "maybe" give them until early next week to make a peace deal.
Also weighing on crude prices is the discussion among NATO members of escorting ships through the Strait of Hormuz should the route be closed after early July, which could return some crude supplies to the global market.
Ramped-up geopolitical tensions are supportive for crude prices after Reuters reported Monday that Pakist... Read more
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