Crude and refined product contracts accelerated losses to trade sharply lower by midday Tuesday, as Israel and Iran appeared to halt fighting in the Middle East at least for now, with ongoing Persian Gulf supply worries amid boiling geopolitical tensions keeping the energy market on edge.

At noon ET, July NYMEX West Texas Intermediate crude futures were down $4.80 to around $86.50/bbl and August WTI was $4.25 lower to around $85/bbl. London-based August ICE Brent crude was down by $4.25 to $90/bbl and September Brent was off by about $3.75 to $88.50/bbl.

July NYMEX RBOB was down 9.3cts to $2.9775/gal and August RBOB was 8.2cts lower to $2.937/gal. July ULSD was off by 12.05cts to $3.4795/gal and August ULSD was 11.9cts lower to $3.4545/gal.

President Trump has asked Israeli Prime Minister Benjamin Netanyahu to end the attacks following an exchange of strikes between Israel and Iran over Sunday and Monday, the Wall Street Journal reported, citing people familiar with the matter.

Israel and Iran both said Monday they would end direct operations against each other, although Tehran has insisted that a broader peace deal will require an end to Israeli action against Hezbollah in Lebanon.

Meanwhile, two U.S. soldiers were rescued after their helicopter crashed near the Strait of Hormuz Monday evening. The Pentagon said it is investigating whether the aircraft was shot down by Iranian forces, the Journal reported.

Barclays said in a Tuesday note that it expects Brent crude prices to average $100/bbl for 2026, assuming oil flows would restart by the end of June. The U.K. bank also forecast higher Brent prices if the normalization of the strait gets pushed beyond the end of June.

In the spot market, Pacific Northwest sub-octane gasoline prices dropped almost 15cts near midday, following several solidly weaker trades earlier. Most other physical refined products largely tracked movements in NYMEX futures.


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

06-09-26 1240ET