Crude oil and refined product futures moved off earlier lows but were still seeing losses heading into Friday afternoon as uncertainty continues over a possible peace deal between the U.S. and Iran.

U.S. crude prices were down about 3.5% at 11:15 a.m. ET with the NYMEX July West Texas Intermediate crude contract falling $3.14 to $84.57/bbl, more than $1 off earlier lows. August WTI was trading $3.12 lower at $83.04/bbl.

Brent crude was seeing similar losses, with the August contract down $3.22 to $87.16/bbl and September prices off by $3.05 to $86.06/bbl.

ULSD futures were off by more than 3%, with the July contract dropping by 11.14cts to $3.4017/gal, about 9cts off the day's low. August prices were moving 11.77cts lower to $3.3654/gal.

RBOB futures were moving about 2.5% lower, with July futures trading at $3.0184/gal, a loss of 8.3cts, after falling as low as $2.9619/gal earlier in the morning. August prices were down by 8.62cts to $2.9569/gal.

The declines come as news reports indicate the U.S. and Iran are close to securing a peace deal, though it appears issues between the two sides still need to be worked out.

Prices moved off earlier lows after President Trump blasted an Iranian news report that contained what were said to be leaked details of the deal. Trump said the report was false. He also called continued Iranian drone attacks against shipping in the Strait of Hormuz unacceptable and warned that Iranian leaders "had better get their act together, and FAST."

Prices started moving lower again later in the morning after Iran's foreign minister said in a social media post that a memorandum of understanding between the two sides "has never been closer."

The day's losses put crude and ULSD contracts on track to end the week lower, though prices are likely to remain volatile through the trading session while negotiations continue.


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 Michael Kelly,mkelly@opisnet.com

(END) Dow Jones Newswires

06-12-26 1209ET