Iran Uncertainty Sends Oil Prices Up Over 2%
Oil prices surged on Thursday as uncertainty over US-Iran negotiations and potential diesel export restrictions contributed to the increase. Brent crude futures rose $2.32, or 2.25%, to $105.40 a barrel, while West Texas Intermediate futures gained $1.78, or 1.93%, to $93.94 a barrel.
The US-Iran diplomatic talks showed limited progress, with Iranian officials stating that discussions would continue despite unresolved issues. The uncertainty surrounding the negotiations and potential diesel export restrictions supported crude prices.
Reports of a potential 90-day U.S. diesel export ban were also assessed by market participants, although the White House denied that such a plan was being prepared. The US Energy Information Administration data showed U.S. crude inventories increased by 3 million barrels to 426.4 million barrels last week.