Oil Futures Slide on Iran Diplomatic Rumors

The NYMEX July West Texas Intermediate contract dropped $3.14 to $84.57 per barrel, while the August WTI contract fell $3.12 to $83.04. International benchmark Brent saw parallel declines, with the August contract shedding $3.22 to reach $87.16. Fuel markets mirrored this volatility; ULSD futures for July dropped 11.14 cents to $3.4017 per gallon, and RBOB futures fell 8.3 cents to $3.0184.

Market movement remained tethered to conflicting diplomatic signals. Prices briefly steadied after President Trump dismissed an Iranian report detailing the prospective agreement as false. He also condemned recent Iranian drone activity near the Strait of Hormuz, labeling the attacks unacceptable and demanding immediate behavioral changes from Tehran. However, the recovery proved short-lived. Renewed selling pressure emerged after Iran’s foreign minister claimed via social media that a memorandum of understanding between the two nations had never been closer. With negotiations ongoing, both crude and ULSD contracts appear set to close the week in negative territory, leaving traders to brace for continued price swings.