Energy futures moved lower midday Thursday as markets assessed the latest exchange of military strikes between the U.S. and Iran and the implications for oil flows through the Strait of Hormuz.
As of 11:30 a.m. ET, the August West Texas Intermediate contract was trading $1.38 lower at $72.14/bbl, with September down $1.35 at $71.92/bbl. The September ICE Brent crude contract was trading $1.19 lower at $76.83/bbl, with October down $1.08 at $76.49/bbl.
Refined product futures were also trading lower. The August ULSD contract fell 10.42cts to trade at $3.5533/gal, with September down 9.76cts at $3.4882/gal.
August RBOB was trading 3.34cts lower at $3.07/gal, with the September contract down 2.33cts at $2.8996/gal.
Crude futures retreated after rising in post-settlement trading Wednesday following the latest U.S. strikes on Iranian targets and Iran's retaliatory attacks on U.S. military sites in the Gulf. President Trump said Thursday that Iran had reached out seeking a deal.
