Oil Edges Higher on Renewed Iran-Israel Missile Exchange


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude and product futures edged higher Monday (6/8) 
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 US dollar index softened by 0.041 points to 100.01 against a basket of 
foreign currencies by 3:00 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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