Crude oil and refined product futures prices had backed off earlier highs but were still seeing increases Monday as markets reacted to the flare-up in fighting between the United States and Iran.
Crude prices were more than $1/bbl off overnight highs at 11:15 a.m. ET, with the NYMEX October West Texas Intermediate contract ahead by $1.73 to $85.13/bbl while November prices were trading up $1.75 to $83.58/bbl.
The November ICE Brent crude contract was $2.18 ahead to $90.28/bbl in light trade in its last session in the front-month position, while the more-active
December contract was seeing gains of $1.99 to $88.11/bbl.
Most activity in refined products was also focused on the next-month contracts as September contracts approached expiration. September ULSD futures were rising by 14.72cts to $4.5039/gal, about 3.5ct lower than earlier highs.
