Crude and refined product contracts were trading sharply higher at midday Wednesday, on track for a third straight day of gains after renewed attacks on ships by Iranian forces in the Strait of Hormuz dimmed hopes of a quick resolution to the global energy crisis.
At 11:55 a.m. ET, June NYMEX West Texas Intermediate crude contracts were up $3.25 to around $92.95/bbl and July WTI was $2.35 higher to $88.45/bbl.
London-based June Brent was up by about $3.25 to $101.70/bbl and July Brent climbed $2.90 to $96.15/bbl.
The oil benchmarks are set for a third consecutive day of sharp gains after last week's pullback, as U.S. and Iran have so far failed to reach a peace deal and ensure safe passage for ship traffic through the Strait, which had accounted for a fifth of the world's oil production prior to the Middle East conflict.
The more-active June ULSD contract was up 16.5cts to $3.7975/gal and May ULSD was 17.7cts higher to $3.9060/gal. June RBOB increased 10.95cts to $3.238/gal and May RBOB was up 13.35cts to $3.3435/gal.
On Wednesday, Iran attacked three ships in the strait and escorted two of them to Iranian waters in retaliation to an ongoing U.S. naval blockade around the oil supply chokepoint.
The attacks happened a day after President Trump said the U.S. would extend its cease-fire with Iran but continue its blockade to force Tehran into accepting the White House's demands.
Petroleum futures traders continued to digest the latest Energy Information Administration data that showed another weekly decline in U.S. gasoline and distillate inventories driven by solid demand for transportation fuels in the week ended Friday.
In the spot market, San Francisco physical CARB diesel and ULSD barrels switched to the new May shipping cycle overnight, with their prices flat to lower despite sharp gains in NYMEX ULSD futures.
Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
04-22-26 1247ET
