Oil Prices Soar Above $107 Amid Iran-US Tensions and Diesel Export Ban Fears

Oil prices surged above $107 per barrel on Thursday as tensions between Iran and the US continued to escalate. The global benchmark, Brent crude, rose more than 4% in response to comments from Iranian President Masoud Pezeshkian, who said Tehran would continue to refuse US pressure.

Pezeshkian also reaffirmed Iran's commitment to its nuclear program, which has been a major point of contention with the US. President Donald Trump has repeatedly stated that Iran must not be allowed to possess a nuclear weapon.

The Strait of Hormuz remains a major risk for global oil supplies, as it is still largely blocked due to military activity in the region. The Houthi attacks affecting Saudi Arabia's ability to move oil through the Red Sea have also added to pressure on the global market.

Adding to these concerns is the possibility of a 90-day US diesel export ban, which could reduce fuel supplies in major European markets and push gasoline prices higher instead of bringing them down.