Crude oil and refined product futures prices were falling Friday morning, putting contracts on track to end the week and month significantly lower.
The declines come as markets continue to anticipate a ceasefire agreement between the United States and Iran that would re-open the Strait of Hormuz and allow oil shipments from the Persian Gulf region to resume.
U.S. oil prices were trading about 1.2% lower at 11 a.m. ET, with NYMEX July West Texas Intermediate crude down $1.36 to $87.54/bbl and August prices falling by $1.45 to $85.34/bbl.
Brent crude was seeing deeper losses, with July Brent down $1.83 to $91.88/bbl in light trading as the contract heads toward expiration at the end of the month. The more-active August contract was trading $1.78 lower to $90.92/bbl.
Front-month contracts for refined products were also seeing light trade as they approached expiration. June ULSD was down 0.4%, moving 1.58cts lower to $3.6029/gal. The more-active August contract was shedding 2.11cts to $3.5310/gal.
