Crude oil and diesel futures were moving lower Friday morning but remain on track to end the week with gains while gasoline futures were seeing increases.

The losses come as markets continue to focus on the ongoing ceasefire between the United States and Iran and the possibility of a deal to reopen the Strait of Hormuz.

U.S. crude prices were down nearly 2% at 11 a.m. ET, with the NYMEX July West Texas Intermediate crude contract trading $1.80 lower to $91.24/bbl while August prices fell by $1.41 to $88.59/bbl.

Brent crude prices were moving 1.3% lower, with the August contract down $1.28 to $93.75/bbl and September prices moving $1.16 lower to $91.35/bbl.

WTI prices are nearly $4/bbl higher than last week's settlement, while Brent prices are holding gains of about $2.50/bbl.

ULSD futures were off by about 1.4% in morning trading, with the July contract down by 4.95cts to $3.6243/gal while August prices were falling by 4.5cts to $3.5760/gal.

RBOB futures prices were bucking the downward trend, as concerns about tight U.S. gasoline supply helped send contracts about 0.4% higher. The July RBOB contract was up 1.95cts to $3.0578/gal and August prices were rising by 1.18cts to $2.9949/gal.

ULSD futures are about 14cts/gal higher than last week's settlement while RBOB contracts are on track to end the week trading about 3cts higher.

Even with petroleum prices on track to end the week higher, U.S. retail gasoline prices continue to ease.

The price of regular gasoline averaged $4.2199/gal Friday morning, marking a 15th-straight day of declines. Prices have fallen nearly 35cts/gal in that period. Retail diesel prices have seen a similar streak, dropping nearly 28cts over the past two weeks to average $5.3777/gal Friday morning.

Even as oil prices drop, concern remains high as the ongoing closure of the strait continues to send global crude inventories lower. Analysts and industry executives are warning that tight crude supply could lead to price spikes amid the summer driving season.


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

(END) Dow Jones Newswires

06-05-26 1217ET