Oil Prices Surge as US-Iran Talks Stall and Diesel Export Restrictions Loom
Oil prices are on the rise as stalled US-Iran talks overshadow recovering Middle East crude supplies. The Brent futures November contract is up by 57 cents to $103.16 a barrel, while the December contract has gained 94 cents to $97.10.
The spread between Brent and WTI (West Texas Intermediate) expanded to its widest in four months as traders monitor potential US plans to restrict diesel exports, which could create an oversupply in the US market.
US President Donald Trump denied reports that he was willing to give Iran sanctions relief and release frozen Iranian funds in return for 'concrete' steps by Tehran on its nuclear programme.
Saudi Arabia has resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on its East-West Pipeline.
Goldman Sachs estimates that Gulf oil exports have recovered to 23.3 million barrels per day over the last week, in line with its 2025 average.