The August West Texas Intermediate contract dropped $1.38 to $72.14/bbl by 11:30 a.m. ET, while September ICE Brent slid $1.19 to $76.83/bbl. This reversal followed a brief post-settlement spike on Wednesday, triggered by retaliatory attacks on military sites in the Gulf. The market mood shifted after President Trump noted that Iran had reached out to seek a potential deal, tempering immediate fears of a supply disruption.
In section Market Quotes
Energy Markets Cool as Geopolitical Tensions Shift
A volatile exchange of military strikes between the U.S. and Iran failed to sustain a rally in energy futures on Thursday, as traders recalibrated the risk to oil flows through the Strait of Hormuz. Instead of climbing, benchmarks across the board retreated by midday amid cooling investor sentiment.
Refined products mirrored the downward pressure on crude. August ULSD fell 10.42cts to $3.5533/gal, and August RBOB declined 3.34cts to $3.07/gal. Beyond the Middle East, traders continued to monitor Russia’s recently announced diesel export ban. That policy, implemented following Ukrainian drone strikes on domestic refinery infrastructure, remains a critical variable for the future stability of middle distillate markets.
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