Oil Prices Rise Amid Stalled Diplomacy with Iran

Oil prices saw an increase of over 1% on Thursday as diplomatic talks between the US and Iran showed little sign of progress. Brent crude futures rose to $104.71 a barrel, while West Texas Intermediate futures reached $93.53 a barrel.

The rise in oil prices comes despite reports suggesting Iran gave the US one week to meet its publicly stated demands, including lifting the US naval blockade. An Iranian official said Tehran was reviewing Washington's response to its peace proposals, which prioritize lifting the blockage and reopening the Strait of Hormuz.

However, analysts have warned that a potential US ban on diesel exports could worsen global supplies and further disrupt economies. A European Commission spokesperson expressed concern over the reported plans, citing the risk of a negative impact on both sides.