DTN Oil Update
Oil Edges Higher on Renewed Iran-Israel Missile Exchange
SECAUCUS, N.J. (DTN) -- Crude and product futures edged higher Monday after renewed military exchanges between Israel and Iran, although the market settled off the highs after U.S. President Donald Trump urged for restraint and Tehran confirmed no further hostilities on its end.
NYMEX WTI crude or July delivery rose $0.76, or 0.8%, at $91.30 bbl. ICE Brent for August delivery, meanwhile, finished up $1.16, or 1.3%, at $94.25 bbl.
Downstream, NYMEX ULSD for July delivery climbed $0.0125 to $3.5999 gallon, and front-month NYMEX July RBOB advanced $0.0247 to $3.0706 gallon.
The U.S. Dollar Index softened by 0.041 points to 100.01 against a basket of foreign currencies by 3 p.m. ET.
Prices pulled back from a morning spike of over 5% that drove WTI to a session high of $95.47 and Brent to $98.08 following an exchange of missile strikes that shattered a delicate regional truce established in early April.
The weekend hostilities flared after Israel intensified military campaigns in Lebanon, which Tehran has maintained remains a major barrier to ongoing peace negotiations. Iran responded by launching missiles toward Israel, prompting a retaliatory Israeli overnight airstrike against an Iranian petrochemical facility.
The initial energy market panic subsided after U.S. President Donald Trump urged both Iran and Israel to show restraint.
Trump reportedly told Israeli Prime Minister Benjamin Netanyahu that Washington and Tehran were nearing a framework agreement to restart long-term negotiations. Netanyahu was reported to have countered that Israel retained its right to self-defense, although he also acknowledged that Israel will hold its fire for now.
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