Crude and refined product contracts broadly plummeted around midday Wednesday following news of U.S. efforts to end the Iran war, although the complex was off its early lows as both sides appeared far apart in reaching a deal.
At 11:30 a.m. ET, May West Texas Intermediate was around $2.55 lower to $89.80/bbl and June WTI fell $2.60 to $87.15/bbl. London-based May Brent crude was off by $3.20 to $101.45/bbl and June Brent was down $3.15 to $97.10/bbl.
Diesel led refined product contracts lower. The more-active May NYMEX ULSD contract was down by 23.5cts to $3.7785/gal. April ULSD was off 32.45cts to $3.9665/gal. May RBOB was 12.55cts lower at $2.969/gal and April RBOB was down 13.7cts to $3.011/gal.
Petroleum futures began to fall sharply late Tuesday after the U.S. sent Iran a 15-point plan to end the war which centers largely around previous Trump administration demands on Tehran.
At the same time, mediators from Turkey, Egypt and Pakistan are pushing for a meeting between the Washington and Tehran to resolve the regional conflict which has created a global energy crisis.
Earlier however, Iran rejected the U.S. plan and set out its conditions for a ceasefire that include reparations and recognition of Tehran's sovereignty over the Strait of Hormuz that are likely to be unacceptable for the U.S.
The energy market is also digesting the latest Energy Information Administration data, which showed large builds in U.S. commercial crude oil and distillate stocks with a drawdown in gasoline inventory for the week ended Friday.
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
March 25, 2026 11:53 ET (15:53 GMT)
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