Crude and diesel contracts rose sharply around midday Monday, after President Trump said he is reimposing the U.S. blockade on Iranian shipping, dashing hopes that the Middle East conflicts would end anytime soon.
At noon ET, August NYMEX West Texas Intermediate crude futures were up around $3.15 to $74.55/bbl, and September WTI was $3.05 higher to $74.40/bbl.
London-based September ICE Brent was up $3.50 to $79.55/bbl and October Brent was $3.25 higher to $79.30/bbl.
Petroleum futures are on track to rise after a two-session decline, following several days of back-and-forth strikes that started when Iran fired on ships last week to stop traffic using a U.S.-backed route through the Strait of Hormuz.
Diesel futures sharply outperformed gasoline, most likely reflecting supply worries after Russia last week banned its diesel exports for the remainder of July.
