US-Iran Talks Stall, Oil Prices Rise Amid Diesel Export Ban Fears
Oil prices rose more than 1% on Thursday as diplomatic talks between the US and Iran showed little sign of progress. Brent crude futures were up $1.63, or 1.58%, at $104.71 a barrel, while West Texas Intermediate futures were up $1.34, or 1.49%, at $93.53 a barrel.
The price increase came after reports suggested Iran gave the US one week to meet its demands, including lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz. However, a senior Iranian official stated that Tehran was reviewing Washington's response to its peace proposals.
A White House official denied a report that said the US is preparing a 90-day ban on diesel exports, which would likely have a negative impact on global supplies and economies. Analysts warned that such a move would do little to ease high energy prices.