Nymex Overview: Oil Futures Rebound on Strait of Hormuz Reopening Hopes — OPIS
Oil futures rose, rebounding after three straight sessions of declines as the market watched for progress toward reopening the Strait of Hormuz.
The October ICE Brent contract was trading 81 cents higher at $88.65/bbl on Thursday, with November up 38 cents at $87.32/bbl.
October West Texas Intermediate was trading 27 cents higher at $82.50/bbl, with the November WTI contract up 7 cents at $80.92/bbl.
Refined product futures were mixed. The September RBOB contract rose 1.11 cents to $3.3312/gal, with October up 0.3 cent at $2.9636/gal. September ULSD traded 4.86 cents lower at $4.2114/gal, with October down 3.32 cents at $4.1121/gal.
Traders weighed diplomatic optimism against limited evidence of a meaningful improvement in physical flows, according to a Kotak Neo analyst, adding that the market remained vulnerable to sharp reversals if progress toward reopening the strait falters.
The market is also focused on whether the 30- to 60-day corridor timeline holds and whether physical loadings increase, Kotak Neo said.
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
August 27, 2026 13:01 ET (17:01 GMT)
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