Oil Steadies Amid Ongoing Middle East Tensions and US Pressure on Iran

Crude oil prices have steadied after settling 3.4% lower yesterday as markets weigh hopes for constructive discussions at this week's UN General Assembly against ongoing Middle East supply risks.

The US has intensified pressure on Iran, warning it will shut down Iranian airlines from Wednesday and imposing additional sanctions on foreign firms doing business with Iranian carriers.

Russia may extend its ban on most diesel exports as refinery runs remain constrained by repeated Ukrainian attacks on energy infrastructure. This restriction on Russian diesel exports has tightened refined product availability and supported gasoil and gasoline cracks in Western markets.