Nymex Overview: Futures Advance as Market Tracks Improving Middle East Supply — OPIS
Energy futures moved higher midday Thursday as the market continued to monitor a recovery in Middle East oil supplies and improving flows through the Strait of Hormuz.
As of 11:45 a.m. ET, the August West Texas Intermediate contract was trading $1.10 higher at $71.44/bbl, with September up $1.10 at $71.03/bbl. August ICE Brent crude rose 88cts to $74.62/bbl, with the September contract up $1.08 at $74.95/bbl.
Refined product futures were also trading higher, with the July RBOB contract up 8.06cts at $2.9624/gal and August up 7.78cts at $2.8693/gal. July ULSD rose 8.55cts to $3.2617/gal, with August trading 7.88cts higher at $3.1905/gal.
Crude prices have retreated sharply in recent sessions as the market priced in improving supply prospects following a preliminary U.S.-Iran agreement and increased oil movements through the Strait of Hormuz. Earlier Thursday, Brent crude traded near $73/bbl, around its lowest level in three months and near levels seen before the conflict-driven rally that began in February.
Rystad Energy said shut-in production across the Gulf has fallen to 9.6 million b/d from 11.7 million b/d three weeks earlier. The firm attributes "faster-than-expected" recovery to returning production across the region, particularly in Iran, alongside improving export conditions and growing tanker activity.
Markets remain focused on transit volumes through the Strait of Hormuz. Rystad said tanker flows through the strait are a key indicator of the pace of the supply recovery, while progress in clearing shipping backlogs has helped ease concerns about prolonged export disruptions.
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 Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
June 25, 2026 12:32 ET (16:32 GMT)
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