Crude contracts rose more than $5/bbl and refined product futures soared around midday Wednesday after President Trump said a U.S. cease-fire deal with Iran is done, following renewed military strikes that effectively halted all oil supplies through the Strait of Hormuz.
At 11:45 a.m. ET, London-based September ICE Brent was $6 higher at $80.15/bbl and October Brent was up $5.35 at $79.45/bbl.
August NYMEX West Texas Intermediate crude contracts were up $5.25 at $75.70/bbl and September WTI was $5 higher at $75.30/bbl.
With Wednesday's sharp rallies, both oil benchmarks are on track to finish at levels well above their settlements on Feb. 27, just before U.S. and Israel launched their first strikes against Iran.
NYMEX August ULSD contracts were up 44.65cts, or around 13%, at $3.7385/gal, and September ULSD was 40.45cts higher at $3.6570/gal. August RBOB was up 17.5cts to $3.129/gal and September RBOB was 15.8cts higher to $2.9475/gal.
