Crude-oil and refined product futures prices were rising as hopes continued to dim for a de-escalation of the conflict between the U.S. and Iran.
U.S. oil prices were up nearly 3% on Wednesday, with the September West Texas Intermediate crude contract trading $2.49 higher to $86.83/bbl in its first session in the front-month position. October WTI was seeing gains of $1.29, sending the contract to $83.40/bbl.
September Brent crude was up $2.81 to $93.82/bbl while October prices were ahead by $1.44 to $89.96/bbl.
Most activity in refined product futures remained focused on the next-month contracts.
ULSD futures were seeing gains of less than 1%, with the August contract moving 2.27cts higher to $4.1493/gal while the more-active September contract was trading up 3.64cts to $4.0670/gal.
