Nymex Overview: Petroleum Futures Falling Ahead of Announcement on U.S. Economic Action Against Iran — OPIS
Crude oil and refined product futures prices were seeing solid declines to start the week Monday, as markets await details of the latest U.S. economic action against Iran.
U.S. crude and RBOB prices were down by more than 2% at 11 a.m. ET while diesel futures were falling by more than 4%.
The declines come after crude and diesel prices saw a six-day streak of gains.
Markets are awaiting a 1 p.m. ET press conference by Treasury Secretary Scott Bessent, who is expected to lay out the latest round of economic sanctions against Iran and detail U.S. efforts to increase pressure on that country's trading partners.
The measures are expected to further target Iranian oil exports and it's thought Iran will respond by trying to further restrict shipping through the Strait of Hormuz.
Still, crude futures prices were seeing losses of about $2/bbl Monday morning, with the October West Texas Intermediate contract down $2.15 to $84.91/bbl and the November contract falling by $1.98 to $83.18/bbl.
October Brent crude was trading $1.86 lower to $92.53/bbl while the more-active November contract was off by the same amount to $90.81/bbl.
Most activity in refined products has also moved to the next-month contracts as September approaches.
September ULSD futures were falling by 18.28cts to $4.3120/gal in light trade while October futures were 16.73cts lower to $4.2175/gal.
September RBOB futures were trading 9.02cts lower to $3.2577/gal and October futures were off by 8.04cts to $2.9664/gal.
Despite last week's run-up in futures prices, retail gasoline prices across the U.S. are starting the week slightly lower, with the national average price of regular unleaded at $4.0991/gal, about a penny lower than Friday. Retail diesel prices, however, continue to climb. The national average price of $5.6134/gal is 3.7cts higher than on Friday.
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 Dean Visser, dean.visser@dowjones.com
(END) Dow Jones Newswires
August 24, 2026 12:10 ET (16:10 GMT)
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