While the world holds its breath wondering if the cease fire between Israel and Iran will hold in place, crude oil prices dropped 6% in Tuesday’s trading. A day earlier, they had fallen 7%.
It’s an indicaton that investors apparently have strong expectations the ceasefire between Israel and Iran will hold and not disrupt oil supplies coming out of the Middle East.
Admittedly, the ceasefire was shaky early Tuesday and the two warring countries drew the wrath of President Trump before he departed for the NATO summit in the Netherlands. He accused each country of violating the agreed ceasefire hours after it was announced Monday evening.
Brent crude dropped $4.34 or 6.1% and finished the day at $67.14 a barrel. It was the lowest for Brent since June 10.
US standard, West Texas Intermediate crude slid $4.14 or 6.0% and settled at $64.37 a barrel on the New York Mercantile Exchange. The closing price was WTI’s lowest since June 5.
Oklahoma energy stocks were in negative territory for yet another day. Vital Energy dropped 7%, LSB Industries 6% and NGL Energy Partners 4%.
Alliance Resource Partners LP
