Crude oil contracts were less than $1 lower around midday Wednesday as the petroleum complex took a pause following a significant recent surge, while further losses were limited by renewed supply fears after Saudi Arabia and Yemen exchanged strikes.
August NYMEX West Texas Intermediate crude futures were down about 65cts at $78.65/bbl at 11:55 a.m. ET, and September WTI was 40cts lower at $78.30/bbl.
London-based September ICE Brent was down 85cts to $83.85/bbl and October Brent was 65cts lower to $82.65/bbl.
Both oil benchmarks had increased around $8/bbl in just the past two sessions after President Trump on Monday reimposed a U.S. blockade on Iranian ports in response to Iran's attacks on commercial ships in the Strait of Hormuz that effectively ended a three-month cease-fire.
While diesel futures retreated after their sharp rally, gasoline futures edged higher. August NYMEX ULSD was down 13.65cts to $3.878/gal and September ULSD was 10.25cts lower to $3.782/gal. However, August RBOB was 3.3cts higher to $3.26/gal and September RBOB was up about 2.5cts to $3.0655/gal.
