US-Iran Peace Deal Hopes Send Crude Oil Prices Plummeting

Crude oil prices plummeted on Tuesday as renewed hopes of a US-Iran peace deal sparked optimism in the market. The September WTI crude oil (CLU26) price closed down -3.35 (-4.06%), and September RBOB gasoline (RBU26) dropped by -0.0253 (-0.80%).

The decline marks a third consecutive day of sharp losses for crude prices, which fell to a one-week low on Tuesday. Tensions in the Middle East have eased as the US and Iran held off on further attacks for a fourth day.

Ongoing negotiations between Iran and Oman have raised hopes that the Strait of Hormuz will reopen, weighing on oil prices. President Trump expressed optimism about the talks, stating there was a 'good chance' they would make progress.