Oil Prices Surge Amid US-Iran Tensions and Diesel Export Uncertainty
Oil prices rose by approximately 2% on Thursday, September 24, due to diplomatic tensions between the United States and Iran. The uncertainty over a potential U.S. ban on diesel fuel exports also contributed to the increase.
Brent crude oil futures rose by $2.03, or 2%, to $105.11 per barrel at 13:20 GMT (16:20 Kyiv time), while West Texas Intermediate futures rose by $1.48, or 1.6%, to $93.64 per barrel.
The price of Brent crude reached a high of $106.50 earlier that day after reports indicated Iran had given the United States one week to meet its demands, including lifting the U.S. naval blockade.
European diesel futures hit record highs amid concerns over the potential U.S. ban on diesel fuel exports. The White House denied reports of a 90-day ban, but analysts warn that such a move would do little to lower energy prices and could worsen global supply conditions.