Nymex Overview: U.S. Crude Futures Fall on Peace, Oil Flow Optimism in Mideast — OPIS

West Texas Intermediate crude contracts were trading lower by midday Wednesday, set for a second consecutive daily decline, after Iran's Islamic Revolutionary Guard Corps indicated a low likelihood of returning to war with the U.S.

At 11: 45 a.m. ET, July NYMEX WTI was down around $3.70 to $90.20/bbl and August WTI was $3.20 lower to $87.25/bbl.

London-based July ICE Brent was $3.75 lower to $95.85/bbl and August Brent was off by $3.25 to $93.40/bbl.

Refined product futures also followed crude's lead lower. More-active July ULSD was down by around 7.45cts to $3.5470/gal and June ULSD was 8.10cts lower to $3.6290/gal. July RBOB was down 7.10cts to $3.0760/gal and June RBOB was 8.75cts lower to $3.1330/gal.

Both WTI and product contracts are on track to finish lower for a second straight day. Over the weekend, President Trump said a deal with Iran which would reopen the Strait of Hormuz is "largely negotiated." Investors also appeared optimistic about the Mideast peace prospect despite new U.S. attacks on Iran's military assets on Monday.

Mohammad Akbarzadeh, deputy political chief of the Islamic Revolutionary Guard Corps Navy, told reporters on Wednesday that the possibility of continued war with the U.S. is "low," AFP reported, citing Iran's Tasnim News Agency.

In the spot market, San Francisco CARB diesel and ULSD prices were down 15cts in afternoon trading, while other physical products largely followed NYMEX futures movements.

Following its sharp decline, SF CARB diesel has switched to price at a discount to its Los Angeles counterpart, a sign of easing market tightness in Northern California.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

May 27, 2026 12:37 ET (16:37 GMT)