Progress Toward Reopening the Strait of Hormuz Weighs on Oil Prices

September WTI crude oil (CLU26) closed down -0.55 (-0.73%) on Wednesday, and September RBOB gasoline (RBU26) closed down -0.0134 (-0.47%). Crude oil and gasoline prices added to this week’s sharp losses on Wednesday, with crude falling to a 3-week low and gasoline dropping to a 4.75-month nearest-futures low. Growing optimism that the US and Iran are nearing a deal to reopen the Strait of Hormuz is pushing crude oil prices lower. Crude prices were also pressured on Wednesday after weekly EIA crude inventories unexpectedly increased. Crude prices fell on Wednesday after the AP reported that Iranian and Omani negotiators have…