**Crude Oil Prices Decline Amid US-Iran Negotiation Hopes**
On April 28, June West Texas Intermediate (WTI) crude oil closed down $3.13 (-2.98%) at $102.71 per barrel, while June RBOB gasoline fell $0.0198 (-0.55%) to $3.55 per gallon. Prices dropped significantly after Iran expressed willingness to restart diplomatic negotiations with the United States concerning the ongoing tensions related to its nuclear program.
Goldman Sachs reported that about 14.5 million barrels per day of crude output in the Persian Gulf has been curtailed amid the closure of the Strait of Hormuz, disrupting nearly 500 million barrels from global stockpiles. Additionally, the International Energy Agency highlighted that about 13 million barrels per day of global oil supply has been affected due to the conflict, estimating recovery could take up to two years.
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