Crude oil contracts were solidly higher around midday Wednesday following new strikes between the U.S. and Iran, testing a fragile cease-fire and dimming the chance of reopening the Strait of Hormuz anytime soon.
At noon ET, July NYMEX West Texas Intermediate crude contracts were up $2.20 to $95.95/bbl and August WTI was $2.25 higher to $92.70/bbl.
London-based August ICE Brent was up $1.95 to $97.95/bbl and September Brent was $1.85 higher to $95.30/bbl.
Both oil benchmarks are on track to finish sharply higher for a third straight session, boosted by resurgent geopolitical tensions between Washington and Tehran and increasing doubts over a plan to restart Mideast oil flow.
Diesel contracts sharply outperformed gasoline. July ULSD was up 15.55cts to $3.854/gal and August ULSD was 14.7cts higher to $3.7830/gal. July RBOB was up 0.9ct to $3.1535/gal and August RBOB was rising 2.20cts to $3.0995/gal.
