Oil futures rose midday Monday amid escalating hostilities in the Middle East and unconfirmed reports of a temporary U.S. waiver on Iranian oil sanctions. As of 11:35 a.m. ET, the July ICE Brent crude contract was trading $1.69 higher at $110.95/bbl, with August up $1.62 at $106.39/bbl. The June West Texas
Intermediate contract had risen $1.56 to trade at $106.99/bbl, with July WTI up $1.93 at $102.95/bbl.
Refined product futures were also rising, with June ULSD up 9.71cts at $4.1505/gal and the July contract up 11cts at $4.0312/gal. The June RBOB contract was trading $5.54cts higher at $3.7573/gal, with July up 5.71cts at $3.6135/gal.
Early trading saw prices pare previous gains before returning to positive territory, following a report from Iran's Tasnim News Agency claiming the U.S. had accepted a temporary waiver on Iranian oil sanctions during negotiations to reopen the Strait of Hormuz.
Price moves also follow intensifying security threats to regional energy infrastructure. Over the weekend, Emirati officials said a drone strike caused a fire near the Barakah nuclear power plant, while Saudi Arabia reported intercepting three drones entering its airspace from Iraq.
President Trump on Sunday warned Iran that "the clock is ticking" for a peace deal. National security advisers are scheduled to meet Tuesday to review options for potential military action.
Meanwhile, International Energy Agency head Fatih Birol said Monday that commercial oil inventories are depleting rapidly, with only a few weeks of supplies left.
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
05-18-26 1240ET
