Crude oil prices were lower on Tuesday after a series of advances that had taken prices 25 percent higher than the year’s low in late January. Much of the recent gains have been due to political tensions between Iran and the West that have only been increased by last week’s capture of 15 British sailors by the Iranians. Refinery closures due to maintenance have also helped send prices higher. In addition, a threatened strike in France has slowed down production there.

Brent crude May contracts were 16 cents lower to $64.25 per barrel late in the afternoon in London, while West Texas Intermediate crude for May delivery dropped 32 cents to $62.59 per barrel by early afternoon on the New York Mercantile Exchange. Meanwhile, April Nymex gasoline dropped 1.5 percent to $2.0532 per gallon after going as high as $2.0850 per gallon during the session. Gasoline futures have added 52 percent since late January.

Most precious metals prices were lower on the day. The exception was April platinum, which added $5.50 to $1,242 per troy ounce. Otherwise, April gold dropped $1.40 to $662.50 per troy ounce on the New York Mercantile Exchange, following crude oil prices lower and as stockpiles fell by 197 troy ounces. Silver inventories were lower as well, but May silver fell 13 cents to $13.28 per troy ounce. June palladium was $3 lower to $356 per troy ounce.

Among base metals, copper prices dropped by $150 to trade at $6,695 per tonne late in the session after going as high as $6,890 earlier in the day, a new high for the year. There have been several predictions that the second quarter would see a supply deficit in copper. Aluminium, meanwhile, added $25 to $2,754 per tonne on the completion of a deal that created the world’s biggest aluminium producer.

With file from invesmentmarkets.co.uk