Oil prices edge lower as Iran says it is open to diplomacy to end the war
Brent crude fell 0.9% to $102.13 a barrel as traders weighed Iran’s diplomacy signal, diesel export reports and a 3 million-barrel U.S. inventory build.
- On Thursday, oil prices edged lower after climbing 4% in the previous session, as Iran expressed openness to diplomacy to end the US-Iran war, though the two countries remain far apart on solutions.
- Iran's president told the UN General Assembly that Tehran would never surrender to US pressure, illustrating deep divisions between the two nations over how to end their conflict.
- Ultra-Low-Sulfur diesel futures fell about 5% amid reports of a potential 90-day diesel ban, while Energy Secretary Chris Wright told industry leaders to brace for curbs despite President Donald Trump's support for the measure.
- Indirect talks on Tuesday addressed lifting Washington's naval blockade on Iran and reopening the Strait of Hormuz; security chief Mohsen Rezaei stated the waterway will not reopen until Iran's conditions are met.
- US crude inventories rose by 3 million barrels to 426.4 million last week, while Secretary of State Marco Rubio noted Wednesday that resolving the conflict with Iran requires long-term diplomatic effort.
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The Straits Times
Jordan News | Latest News from Jordan, MENAOil extends rally as US-Iran deadlock keeps Hormuz shut
Oil prices fall as Iran signals openness to diplomacy, easing geopolitical tensions despite ongoing US-Iran disputes and uncertain impact on global energy markets. Read more at straitstimes.com.
Oil prices have fallen following Iran's stated willingness to continue diplomatic efforts with the US, and the market has also responded to a possible ban on the export of diesel fuel from America.
Oil prices fell on Thursday, after a nearly 4% jump yesterday, as Iran said it remains open to diplomacy to end the war with the United States. At 04:00 GMT (07:00 Greek time), Brent futures were down 94 cents, or 0.9%, at $102.13 a barrel, while West Texas Intermediate (WTI) was down 59 cents, or 0.7%, at $91.56. The decline comes as investors reassess the geopolitical risk embedded in prices, with the market closely monitoring both diplomatic …
Oil prices declined in early Asian dealings today, after rising by about four percent during the previous session. Brent's futures fell 94 cents or 0.9 percent to $102.13 per barrel, while Western Texas's futures fell 59 cents or 0.7 percent to $91.56.
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