Oil Prices Edge Lower Amid Iran Diplomacy
Oil prices fell on Thursday after climbing 4% in the previous session, as Iran indicated it remained open to diplomacy to end the US-Iran war.
Iran's president told the UN General Assembly that Tehran would never surrender to US pressure. However, a senior Iranian official said the country was reviewing Washington's response to its peace proposals.
The proposals prioritize lifting a US naval blockade on Iranian ports and reopening the Strait of Hormuz. A reopening of the Strait and lifting of the blockade were discussed during indirect talks on Tuesday, according to the official.
US Secretary of State Marco Rubio said a deal with Iran would involve hard work over a period of time. He also mentioned that Trump had military options available.
In other market news, ultra-low-sulfur diesel futures fell about 5% in midday trading after Politico reported the Trump administration was planning to impose a 90-day diesel ban.