Crude Prices Fall From Highs on Hopes for a Last-Minute Iran Deal

May WTI crude closed up $0.54 (+0.48%) and hit a four-week nearest-futures high, while May RBOB gasoline closed down $0.0030 (-0.09%). Crude gains were driven by concerns the war in Iran could escalate and threaten supplies, leaving oil and gasoline prices mixed with modest near-term upside for crude.

Analysis

May WTI crude closed up $0.54 (+0.48%) and hit a four-week nearest-futures high, while May RBOB gasoline closed down $0.0030 (-0.09%). Crude gains were driven by concerns the war in Iran could escalate and threaten supplies, leaving oil and gasoline prices mixed with modest near-term upside for crude.