Crude oil and refined product futures prices were all moving higher Tuesday morning amid continued uncertainty over a possible peace deal between the U. S. and Iran.
Crude prices were up about 2.7% at 11:35 a.m. ET, with the more actively traded NYMEX June West Texas Intermediate crude contract up by $2.40 to $89.80/bbl.
The May WTI contract was seeing light interest in its last day in the front-month position, rising $3.70 to $93.30/bbl.
June Brent crude was up $2.55 to $98.05/bbl while July Brent was trading $2.85 higher to $93.25/bbl.
ULSD futures were up around 3% heading into the afternoon, with June prices climbing by 15.55cts to $3.5950/gal, and May prices were up by 14.40cts to $3.6845/gal.
RBOB futures were trading around 2% higher, with June RBOB rising 7.45cts to $3.1090/gal, and the lightly traded May contract up by 7.10cts to $3.1880/gal.
Most contracts are still off last week's highs, after they fell sharply Friday on word that Iran would re-open the Strait of Hormuz. However, the Iranian military backtracked on the re-opening by Saturday.
A cease-fire between the U.S. and Iran is set to expire Wednesday after President Trump extended it for one day to allow more time for negotiations between the two countries.
On Tuesday, Trump said he expected to reach a deal with Iran, but threatened to resume military action once the deadline expires. Tough rhetoric from both sides has increased uncertainty over whether or not a deal can be agreed upon.
In the spot market, New York Harbor barge and Buckeye Pipeline physical RBOB and CBOB gasoline barrels broadly fell in Tuesday morning trade despite decent NYMEX gains of 6-7cts/gal.
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 Frank Tang, ftang@opisnet.com
(END) Dow Jones Newswires
04-21-26 1215ET
