US-Iran Talks Stall, Oil Prices Rise Amid Tight Fuel Markets
Oil prices rose on Wednesday as US-Iran talks aimed at ending their war stalled. The Brent futures November contract was up 57 cents, or 0.6 per cent, to $103.16 a barrel at 0944 GMT. The more active December contract was up 94 cents to $97.10. US West Texas Intermediate crude was up 82 cents, or 0.9 per cent, to $90.20.
The spread between the two benchmarks expanded to its widest in four months as traders monitored potential plans by the US to restrict diesel exports. This could create an oversupply in the US market and lead refiners there to process less crude.
Qatar said it hopes that shuttle diplomacy between Tehran and Washington can lead to a breakthrough, but US President Donald Trump denied reports that he was willing to give Iran sanctions relief and release frozen Iranian funds in return for 'concrete' steps by Tehran on its nuclear program.
Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on its East-West Pipeline. Goldman Sachs estimates Gulf oil exports have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average.