Commodities
Oil Prices Rise Amid US-Iran Stalemate and Diesel Export Uncertainty
Oil prices rose by around 2 per cent on Thursday, amid little progress in US-Iran talks. Brent crude futures were up $2.03 to $105.11 a barrel, while West Texas Intermediate futures rose $1.48 to $93.64 a barrel.
The increase came as investors focused on uncertainty surrounding a potential US ban on diesel exports. European diesel futures fell from all-time highs amid concerns about the reported US plans, which could negatively impact both sides.
A White House official denied reports of a 90-day ban on diesel exports, but the EU expressed concern over the possibility. Analysts warned that such a move would do little to ease high energy prices and could worsen global supplies.