US-Iran Ceasefire Hopes Weigh on Oil Prices

Oil prices declined slightly on September 25 as markets assessed the prospects for a ceasefire between the US and Iran. The price of Brent crude fell by 87 cents (0.82%) to $105.73 per barrel, while West Texas Intermediate (WTI) crude fell by $1.56 (1.65%) to $93.05 per barrel.

This decline follows a sharp rise in prices the previous day, with Brent reaching its highest closing price since September 15 and WTI experiencing its first increase in a long time after losing 13% over six trading sessions.

The spread between Brent and WTI prices widened to $12.68, driven by concerns over a potential US ban on diesel fuel exports, which could lead to an oversupply in the domestic market.