Nymex Overview: Petroleum Futures Rising for Second Day, But on Track for Weekly Declines — OPIS
Crude oil and refined product futures prices were rising heading into Friday afternoon, as a possible agreement to reopen the Strait of Hormuz and restart Persian Gulf petroleum supply remains in doubt.
Crude prices were up about 1.3% at 11:30 a.m. ET, while RBOB futures were rising by 2.4% and ULSD contracts were seeing gains of about 1.3%. It's the second day of gains for petroleum futures.
The increases come amid news reports that an agreement between Iran and Oman to reopen the strait could include Iran seeking to block ships from the U.S. and Israel from passing through the waterway. That provision could undermine efforts to restart negotiations between the U.S. and Iran aimed at ending the conflict in the region.
Refined product prices are also being supported by continued Ukranian strikes on Russian refineries, further tightening global supply.
Despite Friday's gains, most petroleum futures contracts are set to end the week lower.
The September West Texas Intermediate crude contract was trading at $78.03/bbl Friday morning, up 74cts for the day, but it was more than $6/bbl lower from its settlement last week. The October contract was moving 83cts higher to $76.99/bbl.
October Brent crude was up by 95cts to $83.44/bbl, but it was nearly $4.50 lower than last Friday.
September RBOB futures were climbing by 5.44cts to $2.9929/gal and October prices were up 5.26cts to $2.7470/gal. The front-month contract is about 12cts/gal lower than last week.
September ULSD was up by 4.18cts to $3.9238/gal, about 17cts off last Friday's settlement, while October prices were 4.64cts higher to $3.8307/gal.
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 Steve Cronin, scronin@opisnet.com; Editing by Frank Tang, ftang@opisnet.com
(END) Dow Jones Newswires
August 07, 2026 12:23 ET (16:23 GMT)
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