Oil Stages Recovery Above $90 as US-Iran Talks Stall

Oil prices have staged a recovery above $90 a barrel, breaking a five-day losing streak on Thursday. The rebound was driven by a mix of geopolitical developments, including ongoing indirect talks between the U.S. and Iran on the sidelines of the United Nations General Assembly.

The Trump administration's potential 90-day ban on U.S. diesel exports is also contributing to oil prices remaining supported. However, diplomatic talks have shown no concrete sign of progress, with Iran's president stating that Tehran would never surrender to U.S. pressure.

Despite the lack of progress in negotiations, oil prices may continue to grind higher without a breakthrough in diplomacy. The technical analysis suggests that WTI holds a near-term bullish bias above the 50 and 200 EMAs, with initial resistance at $95.