Oil Prices Rise Amid Stalled US-Iran Talks and Diesel Export Ban Uncertainty
Oil prices rose more than 1% on Thursday as diplomatic talks between the US and Iran showed little sign of progress. The stalemate has kept investors focused on uncertainty about a potential US ban on diesel exports, which could worsen global supplies and further disrupt economies.
Brent crude futures were up $1.63, or 1.58%, at $104.71 a barrel at 1200 GMT, while West Texas Intermediate futures were up $1.34, or 1.49%, at $93.53 a barrel.
Iran and the US remain divided over how to end their conflict, but diplomacy must continue, according to a senior Iranian official. Tehran is reviewing Washington’s response to its peace proposals, which prioritise lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz.
The physical market for oil is nowhere near a fully normalised situation, said Priyanka Sachdeva, head of market insights at Phillip Nova.