Crude futures were higher Tuesday as conflicting signals over a potential U.S.-Iran agreement tempered an earlier rally.
As of 11:55 a.m. ET, October ICE Brent crude rose $1.06 to $88.78/bbl, with the November contract up 66cts at $86.55/bbl. The September West Texas Intermediate contract climbed $1.07 to $83.20/bbl, with October WTI up 71cts at $81.87/bbl.
Refined product futures mostly traded lower, with September RBOB down 1.46cts at $3.1208/gal and October RBOB down 0.19ct at $2.8694/gal. The September ULSD contract edged 2.04cts higher to $4.2102/gal, while October slipped 0.57ct to $4.0817/gal.
Oil prices pulled back from session highs after Pakistan's defense minister told Bloomberg that the U.S. and Iran were nearing some sort of arrangement.
Earlier gains came as President Trump demanded that Iran compensate the U.S. for war-related damage, adding another complication to negotiations over reopening the Strait of Hormuz. Brent briefly topped $90/bbl before retreating to the upper $80s, while WTI also moved off its session high.
