Energy futures traded mixed midday Thursday as the market weighed President Trump's latest threats against Iranian oil infrastructure amid continued U.S.-Iran military exchanges.
Crude futures were mixed as of 11:30 a.m. ET. The July West Texas Intermediate contract was trading 20cts higher at $90.29/bbl, with August up 25cts at $88.59/bbl. Meanwhile, the August ICE Brent crude contract was trading 24cts lower at $92.86/bbl, with September down 5cts at $91.52/bbl.
Refined product futures were also trading mixed. The July RBOB contract rose 4.07cts to $3.1506/gal, with August up 2.78cts at $3.091/gal. July ULSD fell 2.09cts to $3.5917/gal, with August down 1.68cts at $3.562/gal.
American forces struck Iranian military surveillance, communications and air defense assets on Wednesday, according to U.S. Central Command. Iran said it responded with a drone attack targeting the U.S. Fifth Fleet in Bahrain.
Crude prices found support after Trump said Thursday that the U.S. would intensify attacks on Iran and eventually take control of Kharg Island, Iran's primary oil export hub, along with other energy infrastructure. Trump also said late Wednesday that the U.S. had been facilitating commercial vessel traffic through the Strait of Hormuz.
