July NYMEX West Texas Intermediate crude futures dropped $4.80 to $86.50 per barrel, while August Brent slid to $90. The retreat extended to refined products, with July RBOB gasoline falling 9.3 cents to $2.9775 per gallon and July ULSD down 12.05 cents to $3.4795 per gallon. The decline follows reports that President Trump urged Prime Minister Benjamin Netanyahu to halt offensive operations after a volatile two-day exchange of strikes.
In section Market Quotes
Oil Futures Slide as Mideast Tensions Ease
A tentative cooling of hostilities between Israel and Iran triggered a sharp sell-off in energy markets on Tuesday, pulling crude and refined product futures lower by midday. Investors reacted to signs that direct military exchanges between the two nations had stalled, tempering concerns over potential supply disruptions in the Persian Gulf.
Despite the immediate de-escalation, market volatility persists. The Pentagon is currently investigating a helicopter crash near the Strait of Hormuz to determine if Iranian forces downed the aircraft. Meanwhile, Barclays analysts project Brent crude will average $100 per barrel for 2026, contingent on the normalization of oil flows through the region by the end of June. Physical markets mirrored the futures slump, with Pacific Northwest sub-octane gasoline prices shedding nearly 15 cents in midday trading.
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