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Commodities

Crude Oil Prices Plummet as Hopes of Strait Deal Rise

Guavy AI Editorial Team
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Oil
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Crude oil prices are plummeting due to hopes of a deal to reopen the Strait of Hormuz, a key shipping route. The September WTI crude oil (CLU26) is down -3.77 (-4.72%), while September RBOB gasoline (RBU26) fell by -0.1201 (-4.05%).

Hopes of a deal between the US and Iran to reopen the strait have weighed on prices. Treasury Secretary Bessent said there's 'a chance we may have a deal today or tomorrow to open the strait.' This has led to increased shipping through the Red Sea, with Saudi oil exports reaching a high since Houthi rebels began attacking ships in the region.

However, not all news is bearish for crude prices. Ukraine's drone attacks on Russian oil infrastructure have intensified, causing damage and disruptions to refining capacity. This has led to fuel rationing and supply issues across Russia, with around 90% of regions imposing some form of restriction.

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