Oil Prices Surge on Iran's Vow, Trump's Diesel Ban Plans Unclear

Oil prices settled up just shy of 4% on Wednesday as traders evaluated Iranian President Masoud Pezeshkian's vow to never surrender.

Brent crude futures rose by $3.83, or 3.86%, to $103.08 a barrel, while West Texas Intermediate futures gained $1.64, or 1.81%, to $92.16.

The spike in oil prices came despite the US Energy Secretary Chris Wright saying earlier that a diesel export ban would not work and could worsen global supplies.

However, ultra-low-sulfur diesel futures were down around 5% after Politico reported that the Trump administration was preparing plans for a 90-day diesel ban, which the White House then denied.