Oil futures were moderately higher, on track to finish lower for the week, as market participants closely monitored the fragile cease-fire between the U.S. and Iran and signs of ship traffic beginning to flow through the Strait of Hormuz.
May Nymex West Texas Intermediate contracts were up around 95cts to $98.80/bbl on Friday, set to finish more than $10 lower in response to a two-week truce. June WTI was down about 65cts to $90.60/bbl.
London-based June Brent crude was 75cts higher to about $96.70/bbl and July Brent was up by $1.15 to $91.65/bbl.
Diesel contracts fell sharply while gasoline prices were higher. May ULSD was 14.85cts lower to $3.7885/gal and June ULSD was down 9.95cts to $3.5975/gal.
However, May RBOB was up by 5.5cts to $3.056/gal and June RBOB was 4.5cts higher to $2.9725/gal.
Some oil traders appeared to stay on the sidelines ahead of planned talks brokered by Pakistan over the weekend, which should give more clarity on whether the cease-fire will hold.
Despite the cease-fire, petroleum prices remained well above levels prior to the U.S. and Israeli attack on Iran on Feb. 28.
Few ships were able to pass the strait since the deal as Tehran insisted the two-week truce should also apply to Lebanon, a view with which the U.S. has so far disagreed.
The U.S. on Thursday urged Israel to scale back its attacks on Lebanon in a bid to prevent derailing the White House's upcoming talks with Iran.
France's TotalEnergies said Friday a refinery complex jointly owned with the Saudi national oil company has been shut down after sustaining damage. Earlier this week, Saudi Arabia's East-West pipeline, an important crude export outlet, was hit by an Iranian drone, The Wall Street Journal reported.
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 Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
04-10-26 1246ET
