Nymex Overview: Oil Prices Easing, on Track to End Week Lower — OPIS

Crude-oil futures' prices were drifting lower, placing them on track to end the week with losses as markets continue to monitor negotiations that could increase tanker traffic through the Strait of Hormuz.

The Nymex October West Texas Intermediate crude contract was down 40 cents to $83.13/bbl at on Friday while November prices were trading 32 cents lower at $81.65/bbl.

The October ICE Brent crude contract was off by 40 cents to $89.30/bbl in light trade as it approaches expiration. The more-active November contract was 34 cents lower to $88.18/bbl.

Crude prices are set to end the week down by about $4/bbl, halting two weeks of gains.

ULSD futures were also on track to end the week lower despite gains on the day, with the September contract up 7.39 cents to $4.3526/gal in light trade, nearly 14cts lower than its finish last week. The more-active October contract was trading 6.96 cents higher to $4.2449/gal.

Gasoline futures were likely to see another week of gains. September prices rose 8.69 cents to $3.4711/gal while the more-active October contract was 5.57 cents ahead to $3.0477/gal. The front-month contract is up about 12 cents for the week. The next-month contract represents a less-expensive RVP blend, its move to the front-month position at the start of September could provide motorists with some relief at the pump in time for the long Labor Day holiday weekend.

Crude prices were pressured this week by indications that Iran and Oman were close to an agreement that would allow shipping to move through the Strait of Hormuz. Complicating the negotiations, however, were reports the Trump administration isn't interested in returning to the terms of a June memorandum of understanding with Iran.

Prices are also being sent lower by indications that a significant amount of oil is currently making its way through the strait. Goldman Sachs this week said oil flow through the waterway has recovered somewhat from lows seen at the start of the fighting and is now about two-thirds of pre-war levels.

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, steven.cronin@dowjones.com; Editing by Dean Visser, dean.visser@dowjones.com

(END) Dow Jones Newswires

August 28, 2026 12:41 ET (16:41 GMT)