Oil Prices Stabilize Amid Diplomatic Hopes and Record Gasoil Premium

Oil prices have held near two-week lows due to improving Gulf crude supplies and diplomatic talks aimed at halting hostilities in the Middle East. Brent crude futures rose $1.15, or 1.16%, to $100.40 a barrel on Wednesday, while West Texas Intermediate futures gained 35 cents, or 0.42%, to $90.90.

The European low-sulphur gasoil's premium to Brent crude futures hit a record of about $95 a barrel after US President Donald Trump said he backed the idea of a diesel export ban to lower prices that have hit record highs due to a global supply shortage.

Analysts and market watchers warned that such a measure would do little to ease high energy prices and could worsen supply and economic disruptions around the globe. The US is a major supplier of diesel and jet fuel to Europe, which has been highly dependent on these imports since the US-Israeli war on Iran disrupted Middle East supplies.