Oil rises on little sign of progress in US-Iran talks
Traders cited stalled diplomacy and possible diesel export curbs as Brent crude rose more than 2% on Tuesday, Reuters reported.
- On Friday, oil prices rose more than 2% as diplomatic talks between the United States and Iran showed little sign of progress at the United Nations General Assembly in New York. Investors remained focused on uncertainty regarding potential U.S. diesel export bans.
- Tensions persist as Iranian President Masoud Pezeshkian stated Tehran would not surrender to U.S. pressure, while U.S. and Iranian officials remain divided over ending the conflict. Negotiators are discussing a phased deal involving the Strait of Hormuz and naval blockades.
- Market analyst Priyanka Sachdeva of Phillip Nova explained that "Brent retains a larger geopolitical and sea-route premium because international crude is more directly exposed to Middle East and Hormuz disruption, while WTI benefits more from relatively insulated US supply."
- Ultra-Low-Sulfur diesel futures dropped about 5% in midday trading yesterday after reports of a potential U.S. export ban, though the White House denied the plan. Energy Information Administration data showed distillate stockpiles fell 428,000 barrels last week.
- "It is understood that the two sides have been communicating via mediators," said David Morrison, senior market analyst at Trade Nation. President Donald Trump suggested a peace deal could follow the U.S. mid-term elections in early November.
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20 Articles
Oil prices fall amid expectations of a truce between the US and Iran <p>Brent fell to $105.73, WTI to $93.05 per barrel. Markets assess a possible truce and regional risks.</p>
The price of oil increased in the face of doubts about an agreement between the United States and Iran. Know how much Brent and WTI went up.
Oil prices closed up on Thursday, investors are sceptical about the prospect of an agreement between the United States and Iran.
The price of crude oil rises after no diplomatic breakthrough between Tehran and Washington
Crude rose after skepticism about an agreement between the U.S. and Iran. Brent climbed 3.41% and WTI 2.66%, reflecting persistent tensions. UN discussions failed to make progress, maintaining uncertainty. Threats on both sides and failed talks influence the market.
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