The August West Texas Intermediate contract slipped 30 cents to $79.30 per barrel by 11:40 a.m. ET, while September ICE Brent crude fell 28 cents to $84.67 per barrel. Refined products faced a mixed performance, with August ULSD dropping 7.66 cents to $4.0249 per gallon, while August RBOB hovered near flat at $3.2896 per gallon.

Analysts at XS.com describe the current environment as a "state of no war and no peace," characterized by sharply reduced tanker traffic and heightened military vigilance. While Capital Economics noted that the recent departure of long-stranded tankers has offered temporary relief to global supply chains, the firm warned that inventories cannot buffer against prolonged constraints indefinitely. The market remains tethered to these geopolitical risks, waiting for a definitive signal of either further escalation or a path toward de-escalation in the region.