Crude oil and refined products were trading sharply higher after President Trump called Iran's response to a U.S. proposal to end the war unacceptable.
June Nymex West Texas Intermediate crude contracts were up around $2 to $97.40/bbl on Monday and July WTI was $2.30 higher to $94.05/bbl.
London-based July Brent was up $2.35 to $103.60/bbl and August Brent was $2.25 higher to $99.80/bbl.
Product futures were also moving higher. June RBOB was up by 8.25cts to $3.6090/gal and July RBOB was 8.15cts higher to $3.4410/gal. June ULSD was up 4.20cts to $3.9410/gal and July ULSD rose 4.85cts to $3.7495/gal.
Oil benchmark contracts finished last week more than $6/bbl lower, while diesel and gasoline futures posted relatively smaller losses of 5-10cts/gal, following news that the U.S. and Iran were working on a memorandum of understanding that would lead to talks to end the Mideast conflict.
On Sunday, Trump wrote on social media that Iran's response was "totally unacceptable."
An Iranian Foreign Ministry spokesman on Monday dismissed Trump's apparent rejection of Iran's latest proposal to end the war, saying that Tehran wasn't "concerned with the satisfaction of others," The Wall Street Journal reported.
In the spot market, both Chicago physical ULSD and RBOB rose 15-16cts/gal in volatile trade, extending their recent rallies thanks to thin inventories in the Midwest market and possible regional refinery issues.
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 Frank Tang, ftang@opisnet.com; Editing by Steve Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
05-11-26 1232ET
