The August West Texas Intermediate contract dropped $1.38 to $72.14/bbl by 11:30 a.m. ET, while September ICE Brent slid $1.19 to $76.83/bbl. This reversal followed a brief post-settlement spike on Wednesday, triggered by retaliatory attacks on military sites in the Gulf. The market mood shifted after President Trump noted that Iran had reached out to seek a potential deal, tempering immediate fears of a supply disruption.
Refined products mirrored the downward pressure on crude. August ULSD fell 10.42cts to $3.5533/gal, and August RBOB declined 3.34cts to $3.07/gal. Beyond the Middle East, traders continued to monitor Russia’s recently announced diesel export ban. That policy, implemented following Ukrainian drone strikes on domestic refinery infrastructure, remains a critical variable for the future stability of middle distillate markets.
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