NYMEX Overview: Petroleum Futures Back Off Earlier Highs But Still Seeing Solid Gains — OPIS
Crude oil and refined product futures prices had backed off earlier highs but were still seeing increases Monday as markets reacted to the flare-up in fighting between the United States and Iran.
Crude prices were more than $1/bbl off overnight highs at 11:15 a.m. ET, with the NYMEX October West Texas Intermediate contract ahead by $1.73 to $85.13/bbl while November prices were trading up $1.75 to $83.58/bbl.
The November ICE Brent crude contract was $2.18 ahead to $90.28/bbl in light trade in its last session in the front-month position, while the more-active
December contract was seeing gains of $1.99 to $88.11/bbl.
Most activity in refined products was also focused on the next-month contracts as September contracts approached expiration. September ULSD futures were rising by 14.72cts to $4.5039/gal, about 3.5ct lower than earlier highs.
October ULSD was 16.08cts higher to $4.4098/gal. RBOB futures were mixed, with the September contract falling by 2.31cts in light trade to $3.4668/gal while October futures were moving up by 1.37cts to $3.0639/gal.
Prices are rising after the U.S. and Iran traded military attacks over the weekend, with the U.S. striking rocket launchers it said were being deployed to sow mines in the waters around the Strait of Hormuz. Iran said it responded by launching strikes on U.S. bases in the region.
The fighting is the first since July and raises the specter of a new re-escalation in the conflict and the further disruption of energy shipments from the region.
"The United States appears to be trying to maintain a balance: allowing oil to continue flowing through the strait as quickly as possible while protecting tankers, without being dragged into broad escalation in the immediate short term," said Samer Hasn, senior market analyst at XS.com. "An informal strategic truce appears likely over the next few months, despite recurring skirmishes."
Over the weekend, the Trump administration said it had reached a deal to develop Venezuelan oil reserves, but it's unclear what impact that is having on markets Monday.
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
(c) 2026 Oil Price Information Service, LLC. All rights reserved.
(END) Dow Jones Newswires
August 31, 2026 12:10 ET (16:10 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
The Smartest Moves for Bond Investors Today, and What to Do When You Have Too Many Investments
Undervalued by 15%, This Utilities Stock Could Be an Unexpected AI Winner
The Thrilling 37
33 Undervalued Stocks to Buy Before the Market Shifts Again
United States