Crude futures were higher midday Monday as markets weighed potential Middle East de-escalation efforts alongside an agreed OPEC+ production increase.
As of 12:10 p.m. ET, the May WTI contract was trading 5cts higher at $115.60/bbl, while the June contract were 70cts lower to $97.35/bbl.
The London-based June ICE Brent crude contract rose 2cts to $109.05/bbl, with July up 10cts to $99.55/bbl.
Refined product futures were mixed to slightly higher. The May ULSD contract was trading 0.8ct higher at $4.3693/gal, with June up 1.83ct at $3.9944/gal.
The May RBOB contract inched 0.45ct higher to $3.2925/gal, with June up 1.1cts at $3.1453/gal.
Crude futures moved lower earlier in the session after the Wall Street Journal reported a potential 45-day ceasefire framework between the U.S. and Iran aimed at reopening the Strait of Hormuz, citing unnamed officials familiar with the matter. However, Tehran later rejected that proposal, according to the Journal.
The possibility of de-escalation eased some supply disruption concerns tied to the ongoing conflict, though transit through the waterway remained limited.
Over the weekend, OPEC+ agreed to raise the group's oil production quotas by 206,000 b/d in May for a second consecutive month of increases. The group cited ongoing risks to energy infrastructure and the time required to restore damaged capacity.
However, the impact of the increase would likely be limited due to the blockade of the Strait.
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Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Frank Tang, ftang@opisnet.com
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(END) Dow Jones Newswires
04-06-26 1240ET
