U.S. crude contracts rebounded sharply following the previous session's retreat after President Trump canceled scheduled weekend talks between U.S. envoys and their counterparts in Iran in a bid to resume oil deliveries through the Strait of Hormuz.
June Nymex West Texas Intermediate crude contracts were $2.25 higher to around $96.65/bbl on Monday and July WTI was up $2.15 to $91.75/bbl.
London-based June Brent was $3.35 higher to $108.65/bbl and July Brent increased $2.70 to $101.70/bbl.
The more-active June Nymex ULSD was 12.8cts higher to $4.0155/gal and May ULSD was up 12.55cts to $3.92/gal. June RBOB was 3.25cts higher to $3.3605/gal and May RBOB rose 1.95cts to $3.482/gal.
On Friday, WTI finished about $1 lower on hopes that the Washington-Tehran meeting planned to be held in Islamabad, Pakistan, could lead to a peace deal and begin to restart Mideast oil flows.
However, Trump said Sunday he isn't sending U.S. envoys to Pakistan for peace talks and that negotiations could happen over the phone instead.
Iran had subsequently presented regional mediators with a new offer to stop its attacks on ships in the strait in exchange for a full end to the war, including the U.S. lifting its naval blockade of Iranian ports and the postponement of nuclear negotiations, The Wall Street Journal reported, citing officials familiar with the matter.
The Iranian proposal, presented by Foreign Minister Abbas Araghchi, is designed to break the deadlock in the conflict and set talks back in motion.
In the spot market, Chicago CBOB and RBOB were down 10-13cts as those physical barrels had over the weekend shifted to a new shipping cycle and referenced the cheaper June Nymex RBOB contracts.
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
04-27-26 1252ET
