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Commodities

US-Iran Tensions Fuel Oil Price Surge

Guavy AI Editorial Team
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Oil
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Oil prices continued to rise on Thursday due to renewed tensions between the US and Iran. West Texas Intermediate for November rose towards $93 a barrel, while Brent settled above $103.

The price increase was attributed to a defiant message from President Masoud Pezeshkian at the United Nations, where he stated that Tehran would not respond to threats and laid out conditions for meaningful talks with Washington.

The White House is also considering export curbs on US diesel, which has sparked speculation in the market. However, Energy Secretary Chris Wright said that the administration was working with refiners to voluntarily curb their exports instead of imposing an outright ban.

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