Crude Futures End Mixed With No End in Sight to U.S.-Iran Conflict

1504 ET – Oil futures end the session little changed as the market sees the U.S.-Iran conflict going on for longer with this week’s resumption of military strikes. “Iran is trying to constrain the Strait of Hormuz, and the U.S. is trying to open it,” says Simon Wong, portfolio manager at Gabelli Funds. “There’s a dispute about how much oil is coming out, but I don’t think Iran wants to let that card go because that’s all the leverage they have at this point.” WTI for October delivery rises 0.3%, to $91.30 a barrel, in a fourth consecutive gain. Front-month Brent for November delivery slips 0.1%, to $95.52 a barrel, snapping a three-session winning streak. (anthony.harrup@wsj.com)

Oil Extends Rally With Iran Conflict Seen Dragging On

0855 ET – The rise in oil prices stretches into a fourth day with the resumption of fighting in the Middle East rekindling concerns about tight global supplies for longer. “Some measure of comfort had gradually been developing as increased ships were reportedly exiting the Strait of Hormuz,” Ritterbusch & Associates says in a note. But with a diplomatic solution seen far off “it is safe to say that there is no end in sight to this quagmire that is likely to keep petroleum prices much elevated through the end of this year.” WTI is up 1.6% at $92.46 a barrel, and Brent gains 1.1% to $96.65 a barrel. (anthony.harrup@wsj.com)