Crude oil contracts rose by more than $1 around midday Tuesday after a new round of attacks by Iran on oil tankers near the Strait of Hormuz, while further gains were limited due to lingering worries over a global oil glut.
At 11:45 a.m. ET, August NYMEX West Texas Intermediate crude contracts were $1.70 higher to $70.25/bbl, and September WTI was up $1.60 to $70.15/bbl.
London-based September ICE Brent futures were $1.85 higher to $73.85/bbl and October Brent was also up $1.60 to $73.85/bbl.
WTI's discount to Brent remained at less than $4/bbl, a far cry from well over $10/bbl in May due to intense fears over global oil supply amid the Middle East conflict.
Refined product contracts were broadly lower, however. August NYMEX RBOB was down 4.25cts to around $2.961/gal and September RBOB was 2.6cts lower to $2.793/gal. August ULSD was 1.45ct lower to $3.285/gal and September ULSD was off by 0.9ct to $3.2375/gal.
