Oil Prices Retreat as US-Iran Draft Agreement Boosts Hopes

Crude oil prices have retreated to around $80 per barrel as renewed optimism over a potential US-Iran draft agreement eased geopolitical fears. This comes despite President Trump's criticism of US refiners for high fuel profits, with him ordering retailers to 'get retail prices down' as soon as possible.

The 3-2-1 spread has doubled since early March to $60 per barrel, while crude oil prices are only up by $11 per barrel. This is largely due to stellar refining margins for ExxonMobil and Chevron since the onset of the war in March. Trump criticized both companies for making too much money, stating that they should 'give some of that money back to the public'.