Crude futures fell midday Monday after the U.S. paused plans to escalate military action against Iran, easing concerns over potential supply disruptions.
As of 11:20 a.m. ET, the September ICE Brent crude contract was trading $7.02 lower at $89.76/bbl, with the October contract down $5.33 at $86.35/bbl.
September West Texas Intermediate was trading $5.99 lower at $83.32/bbl, with October WTI down $4.71 at $80.44/bbl.
Refined product futures were also trading lower. The August RBOB contract fell 7.36cts to $3.3223/gal, with the September contract down 6.69cts at $3.1847/gal. August ULSD fell 2.48cts to $4.1558/gal, with September down 2.87cts at $4.0667/gal.
The selloff followed reports over the weekend that the U.S. delayed plans for a broader military campaign against Iran, reviving expectations for diplomatic efforts after crude prices surged above $100/bbl last week on fears the conflict would further disrupt Middle East oil flows. Iran said Monday there are no direct negotiations under way with the U.S.
