July NYMEX West Texas Intermediate crude futures dropped $4.80 to $86.50 per barrel, while August Brent slid to $90. The retreat extended to refined products, with July RBOB gasoline falling 9.3 cents to $2.9775 per gallon and July ULSD down 12.05 cents to $3.4795 per gallon. The decline follows reports that President Trump urged Prime Minister Benjamin Netanyahu to halt offensive operations after a volatile two-day exchange of strikes.

Despite the immediate de-escalation, market volatility persists. The Pentagon is currently investigating a helicopter crash near the Strait of Hormuz to determine if Iranian forces downed the aircraft. Meanwhile, Barclays analysts project Brent crude will average $100 per barrel for 2026, contingent on the normalization of oil flows through the region by the end of June. Physical markets mirrored the futures slump, with Pacific Northwest sub-octane gasoline prices shedding nearly 15 cents in midday trading.