**Crude Oil Prices Decline Amid US-Iran Tensions**
On Friday, June WTI crude oil closed down $1.45 (-1.51%) at $94.64, while June RBOB gasoline fell $0.0065 (-0.19%) to $3.48. The declines followed announcements that a second round of US-Iran peace talks was expected, which eased supply concerns. President Trump is reportedly sending two envoys to Pakistan for these discussions, although Iran has stated that no talks are scheduled.
Goldman Sachs estimates that crude output in the Persian Gulf has been reduced by approximately 14.5 million barrels per day (bpd), more than 50% since early April, adversely affecting global oil supplies. The ongoing closure of the Strait of Hormuz is contributing to the crisis, with 13 million bpd of global oil supply disrupted due to the Iran conflict. Additionally, OPEC+ plans to boost production by 206,000 bpd starting in May, but actual increases may be limited due to the regional conflict.
