Crude oil and refined futures prices were trading lower Monday morning following the announcement of a deal to end the fighting between the U.S. and Iran and reopen the Strait of Hormuz.
But while prices had dropped sharply in the immediate aftermath of the announcement Sunday evening, contracts have subsequently been trading in narrow ranges and have not moved much from their initial losses.
U.S. crude contracts were down about 5% at 11:15 a.m. ET, with the July West Texas Intermediate crude contract falling by $4.36 to $80.52/bbl. August prices were down $4.23 to $79.12/bbl. The front-month contract has been trading in a range between $79.70 and $82.42/bbl.
Brent crude was also seeing losses in the range of $4/bbl, with August Brent falling $4.23 to $83.10/bbl and September prices trading $3.91 lower to $82.21/bbl. As with WTI, Brent contracts are moving in a narrow range with about $3 separating the day's highs and lows.
ULSD futures were down more than 3% heading into Monday afternoon, with July prices sinking by 11.15cts to $3.2929/gal, with about 10cts separating the day's highs and lows. August prices were down by 11.4cts to $3.2499/gal.
RBOB futures were off by less than 3%, with the July contract sinking by 8.76cts to $2.9622/gal and Augusts prices off by 8.78cts to $2.9021/gal.
While markets are falling in response to news of the deal, there's an awareness that volatility is likely to remain a fixture in pricing as details of the agreement are worked out and implemented.
"Looking ahead, further progress toward implementing the agreement could maintain downward pressure on prices. However, any setback in the upcoming steps could fuel a reversal and push prices to the upside again," said Stefan Arsenovic, CEO at Eleonex.
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 Steve Cronin, scronin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
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(END) Dow Jones Newswires
06-15-26 1221ET
