Crude oil and refined futures prices were trading lower Monday morning following the announcement of a deal to end the fighting between the U.S. and Iran and reopen the Strait of Hormuz.
But while prices had dropped sharply in the immediate aftermath of the announcement Sunday evening, contracts have subsequently been trading in narrow ranges and have not moved much from their initial losses.
U.S. crude contracts were down about 5% at 11:15 a.m. ET, with the July West Texas Intermediate crude contract falling by $4.36 to $80.52/bbl. August prices were down $4.23 to $79.12/bbl. The front-month contract has been trading in a range between $79.70 and $82.42/bbl.
Brent crude was also seeing losses in the range of $4/bbl, with August Brent falling $4.23 to $83.10/bbl and September prices trading $3.91 lower to $82.21/bbl. As with WTI, Brent contracts are moving in a narrow range with about $3 separating the day's highs and lows.
ULSD futures were down more than 3% heading into Monday afternoon, with July prices sinking by 11.15cts to $3.2929/gal, with about 10cts separating the day's highs and lows. August prices were down by 11.4cts to $3.2499/gal.
