Oil contracts rebounded by midday Wednesday after the latest government data showed U.S. crude and refined product stocks broadly declined last week, as the market continued to assess the latest supply situation in the Middle East amid a fragile cease-fire between the U.S. and Iran.
At noon ET, the more-active June West Texas Intermediate crude futures were up around 90cts to $89.10/bbl, and May WTI was $1 higher to $92.30/bbl.
London-based June ICE Brent crude was up by 85cts to $95.65/bbl and July Brent was $1.10 higher to $91.50/bbl.
Both oil benchmarks finished almost $5 lower on Tuesday following reports of possible renewed negotiations between the White House and Tehran, even as President Trump has imposed a naval blockade to seal off ship traffic through the Strait of Hormuz since Monday.
June NYMEX ULSD was about 14cts higher to $3.6125/gal and May ULSD was up 19.9cts to $3.8235/gal. June RBOB climbed 3.85cts to $3.009/gal and May RBOB was up 2.85cts to $3.068/gal.
Progress to restart U.S.-Iran talks has been slow despite a push by regional mediators to extend the two-week cease-fire reached last week, the Wall Street Journal reported, citing officials familiar with the matter.
Market participants are also digesting the latest EIA data released earlier, which showed U.S. crude oil inventories fell for the first time in eight weeks as exports picked up and imports declined from the week before.
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 Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
04-15-26 1245ET
