May WTI crude oil (CLK26) today is up +0.77 (+0.69%), and May RBOB gasoline (RBK26) is up +0.0009 (+0.03%). Crude oil and gasoline prices are moving higher today, with crude posting a 4-week high. Crude prices rallied after President Trump said the US could leave the Iran war right now but he "wants to finish it up." Mr. Trump is threatening to unleash “all hell” on Iran if the Strait of Hormuz is not reopened to all shipping traffic by Tuesday. Prices fell from their best levels today on a reported push for a ceasefire in Iran.
Crude prices fell from their best level today after Axios reported that the US, Iran, and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war. On Sunday, President Trump extended his previous 10-day deadline for Iran to open the Strait of Hormuz by 20 hours until Tuesday evening and threatened to unleash “all hell” on Iran if the Strait of Hormuz is not reopened to all shipping traffic by Tuesday. However, Mr. Trump also said the US was in “deep negotiations” with Iran and “there is a good chance to make a deal, but if they don’t make a deal, I am blowing up everything over there.” However, the chances of a ceasefire appear doubtful after a spokesman for Iran’s Foreign Ministry said, “No rational person” would accept a ceasefire proposal and that Iran wants a permanent end to the war.
