Nymex Overview: Petroleum Futures Rebounding From Recent Selloff — OPIS

Crude oil and refined product futures prices were seeing solid gains Wednesday, amid bargain hunting following the recent steep slide and a tempering of hopes for a negotiated settlement in the fighting between the United States and Iran.

ULSD futures prices were ahead by nearly 4% at about 11 a.m. ET, while crude contracts were up by about 2.5%. RBOB futures were up by a little over 1%.

Petroleum futures have been under pressure in recent weeks, with oil contracts falling by about 17% since the start of the month as President Trump has signaled the U.S. is unlikely to renew major military action against Iran.

Wednesday's gains come following reports of tankers being damaged by mines in the Strait of Hormuz and the U.S. launching attacks on military sites on Iran's Qeshm Island.

The December West Texas Intermediate crude contract was up by $1.94 in morning trade to $87.98/bbl ,while January prices rose by $1.74 to $86.60/bbl.

January Brent crude was trading $2.37 higher to $93.86/bbl, while February prices were ahead by $2.17 to $91.62/bbl.

December ULSD futures were trading 16cts lower to $4.2909/gal after falling as low as $4.1322/gal earlier in the session. January ULSD prices were down by 14.79cts to $4.1820/gal.

December RBOB prices were drifting lower by 2.86cts to $2.6374/gal, about 4cts off earlier lows, while January prices were falling by 3.21cts to $2.6028/gal.

The gains in petroleum prices come even as indications are that global crude supply is recovering from earlier disruptions caused by the war. OPEC on Wednesday reported Saudi Arabia pumped 10.56 million b/d of crude in October, the highest monthly average since the war started in late February.

"Middle East crude oil exports have returned to pre-tensions levels, while estimates put the market in a state of oversupply overall, at 1.4 million bpd surplus in October," said Konstantinos Chrysikos, head of customer relationship management at Kudo.com. "OPEC output rose by almost 1.4 million b/d in October, reaching a total of 22.87 million bpd. The improving supply picture could continue to push oil prices to the downside."

"A ceasefire with a credible plan to clear the strait would extend the sell-off, while further tanker strikes would rebuild part of the risk premium," he said. "Oil is now priced on the timeline for normal Hormuz traffic and a diplomatic outcome, and could react to any new unexpected developments."

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

November 11, 2026 11:59 ET (16:59 GMT)