Crude oil and diesel futures were moving lower Friday morning but remain on track to end the week with gains while gasoline futures were seeing increases.
The losses come as markets continue to focus on the ongoing ceasefire between the United States and Iran and the possibility of a deal to reopen the Strait of Hormuz.
U.S. crude prices were down nearly 2% at 11 a.m. ET, with the NYMEX July West Texas Intermediate crude contract trading $1.80 lower to $91.24/bbl while August prices fell by $1.41 to $88.59/bbl.
Brent crude prices were moving 1.3% lower, with the August contract down $1.28 to $93.75/bbl and September prices moving $1.16 lower to $91.35/bbl.
WTI prices are nearly $4/bbl higher than last week's settlement, while Brent prices are holding gains of about $2.50/bbl.
