Nymex Overview: Oil, Diesel in Rally Mode After U.S. Reimposes Blockade of Iran — OPIS
Crude and diesel contracts rose sharply around midday Monday, after President Trump said he is reimposing the U.S. blockade on Iranian shipping, dashing hopes that the Middle East conflicts would end anytime soon.
At noon ET, August NYMEX West Texas Intermediate crude futures were up around $3.15 to $74.55/bbl, and September WTI was $3.05 higher to $74.40/bbl.
London-based September ICE Brent was up $3.50 to $79.55/bbl and October Brent was $3.25 higher to $79.30/bbl.
Petroleum futures are on track to rise after a two-session decline, following several days of back-and-forth strikes that started when Iran fired on ships last week to stop traffic using a U.S.-backed route through the Strait of Hormuz.
Diesel futures sharply outperformed gasoline, most likely reflecting supply worries after Russia last week banned its diesel exports for the remainder of July.
August NYMEX ULSD was up 21.15cts to $3.7650/gal, and September ULSD was 19.10cts higher to around $3.66/gal. August RBOB was 9.25cts higher to $3.0770/gal and September RBOB was up 8.35cts to $2.9050/gal.
Trump's comments about the renewed blockade came after the U.S. launched additional strikes against Iran, which defied American demands that it publicly declare the strait open and instead closed the waterway.
Ritterbusch and Associates said in a Monday note that the price rally in the energy complex driven by the renewed exchange of attacks confirmed that a price reversal has developed to send oil and product futures higher.
However, the petroleum consultant said the pattern of attacks followed by negotiations between U.S. and Iran could continue through much of the summer, limiting WTI and Brent crude price gains to $80/bbl and $86/bbl, respectively.
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 Allegra Fradkin, afradkin@opisnet.com
(END) Dow Jones Newswires
July 13, 2026 12:44 ET (16:44 GMT)
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