Crude and refined product futures extended their rally for a second consecutive session Tuesday afternoon, reversing morning declines, as initial optimism over a Middle East ceasefire gave way to persistent supply anxieties.

Oil and product futures edged lower Tuesday morning after Lebanon announced a partial ceasefire between Israel and Hezbollah and U.S. President Trump claimed negotiations with Iran were ongoing and a reopening of the Strait of Hormuz was imminent.

Crude and product futures extended their rally Monday as geopolitical tensions flared following comments from U.S. President Donald Trump that the naval blockade on Iranian oil will remain, while Tehran threatened to reseal the Strait of...

Oil and product futures rose Monday morning after U.S. and Iranian forces exchanged fire and Israel pushed deeper into Lebanon, complicating negotiations to end the war which has caused the largest oil supply disruption in history.

Oil futures plunged Friday, closing out their steepest weekly losses since mid-April as the U.S. and Iran appeared closer to ending their three-month long war and reopening the blockaded Strait of Hormuz to energy shipments.

Oil prices fell about 1% or more on Friday morning as reports of a potential deal to end the Iran war and reopen the Strait of Hormuz to energy shipping put crude futures on track to their sharpest weekly loss since early April.

Oil prices settled little changed after a volatile session Thursday amid reports that U.S. and Iranian negotiators were closing in on a deal to extend their ceasefire and reopen the Strait of Hormuz that is critical to energy shipping.