Crude Prices Retreat as Gulf Tanker Traffic Normalizes

August NYMEX West Texas Intermediate crude dropped 65cts to $70.10/bbl by 11:45 a.m. ET, while September WTI retreated to $69.85/bbl. In London, August ICE Brent saw light trading as it neared expiration, dipping to $73.05/bbl. These benchmarks are currently tracking toward their steepest quarterly decline since the onset of the 2020 pandemic.

Market sentiment remains sensitive to the diplomatic maneuvering in Doha. While civilian leadership in Tehran seeks to unlock billions in frozen assets, hardline military factions continue to assert influence over the Strait of Hormuz. Goldman Sachs analysts noted that oil flows through the waterway had already reached 80% of pre-war levels prior to the weekend military strikes. Refined products showed mixed movement, with August RBOB futures down slightly to $2.9070/gal, while August ULSD rose 3.35cts to $3.2205/gal.