Oil Prices Inch Higher After US and Israel Strike Iran

Oil prices were firmer early Saturday following reports that the US and Israel launched pre-emptive strikes against Iran, escalating tensions in the Middle East, according to the Wall Street Journal.

Initial reports indicated explosions in Tehran and a state of emergency declared in Israel, followed by airspace closures in both countries.

At 7:52 a.m. ET, on Globex, April WTI was trading at $67.29/bbl, up 27cts, while May WTI was up 25cts at $67.14/bbl. The WTI 3:2:1 crack spread was lower by $1.0344 at $27.519/bbl.

May Brent was $73.21/bbl, up 34cts, while June Brent was $72.60/bbl, up 31cts. The Brent 3:2:1 was $21.5994/bbl, down $1.1044.

Refined product prices were mixed. March RBOB was down 0.96ct at $2.0683/gal, while April RBOB was up 1.56cts at $2.0311/gal and May RBOB was up 1.48cts at $2.3078/gal.

ULSD futures were weaker, with March ULSD down 3.54cts at $2.6355/gal, April ULSD down 0.69ct at $2.5891/gal, and May ULSD down 0.93ct at $2.5221/gal.

–Reporting by My Nguyen, mynguyen@opisnet.com; Editing by Bayan Raji, braji@opisnet.com