NYMEX Overview: Crude Futures Ease as Traders Weigh Iran Strikes, Diplomatic Efforts -- OPIS

Crude futures declined midday Tuesday as traders weighed reports of U.S. strikes on Iranian targets against continued signs of progress toward a diplomatic agreement between Washington and Tehran.

As of 11:30 a.m. ET, January ICE Brent crude was trading $1.45 lower at $103.32/bbl, with the February contract trading $1.15 lower at $100.55/bbl.

December West Texas Intermediate was down 58cts at $95.87/bbl, with January down 25cts at $94.55/bbl.

Refined product futures were trading higher. December ULSD rose 7.98cts to $4.5014/gal, while the January contract traded 7.24cts higher at $4.4064/gal.

December RBOB was up 3.01cts at $2.9302/gal, with January up 2.28cts at $2.8729/gal.

Oil futures remained volatile Tuesday following reports that the U.S. struck Iran's Qeshm Island on Monday, adding to uncertainty surrounding the conflict and the potential for further disruptions in the Strait of Hormuz. The Wall

Street Journal reported the strikes, citing U.S. officials. The attacks came as Americans headed to the polls for Tuesday's midterm elections, with President Donald Trump having left open the possibility of renewed military action against Iran after Election Day. The administration characterized Monday's strikes as limited operations.

At the same time, diplomatic efforts continued to weigh on prices. Reports of back-channel discussions between the U.S. and Iran, along with statements from Trump and Vice President JD Vance indicating progress toward a possible agreement, had helped drive crude futures down more than 7% on Monday -- their largest daily decline since July.

Iranian President Masoud Pezeshkian also said Monday that the country's supreme leader had granted the government certain powers as it pursued a resolution through dialogue, according to state-run news agency IRNA.

Maritime security risks also persisted. Two vessels were struck by unidentified projectiles off Saudi Arabia and Oman on Monday, according to the U.K. Maritime Trade Operations, with both crews reported safe.

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.

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November 03, 2026 12:35 ET (17:35 GMT)