Crude futures rose midday Thursday after reports that Iran's supreme leader ordered that the country's near-weapons-grade uranium stockpile remain in Iran, damping expectations for a near-term nuclear agreement with the U.S.
As of 11:40 a.m. ET, the July West Texas Intermediate contract was trading $3.33 higher at $101.59/bbl, while August WTI was up $3.48 at $97.49/bbl. The July ICE Brent contract traded $2.73 higher at $107.75/bbl, with August up $3.05 at $104.09/bbl.
Refined product futures were also trading higher, with the June ULSD contract up 2.75cts at $3.9746/gal and July diesel up 3.76cts at $3.8811/gal. The June RBOB contract traded 1.57cts higher at $3.5031/gal, with July up 2.22cts at $3.4053/gal.
Crude futures reversed course after sharp losses Wednesday, when markets reacted to comments from President Trump that negotiations with Iran were in the "final stages," raising expectations for a possible agreement that could ease sanctions and support additional Iranian crude exports.
Support returned Thursday following reports that Ayatollah Mojtaba Khamenei ordered that the country's enriched uranium stockpile not be transferred abroad. The news "effectively kills the idea that we are anywhere near a peace plan that will end this mess," a TP ICAP analyst said in a note cited by The Wall Street Journal.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
05-21-26 1232ET
