Oil prices moved lower on Friday as investors balanced expectations for possible progress in US-Iran negotiations against concerns that continued attacks in the Middle East could disrupt crude supplies.
Representative Tim Burchett, a Tennessee Republican, wants to restrict diesel exports and says 'the American public is getting gouged.' Burchett said that big oil companies are 'compounding the problem' with prices at the pump and taking advantage of the American public because they have a monopoly on the industry.
Oil prices rose more than 2% on Thursday as uncertainty over US-Iran negotiations and possible diesel export restrictions supported crude prices.
Oil prices declined to two-week lows on Tuesday as expectations for Gulf supply recovery improved following developments involving Iran and Saudi Arabia.
Paul Sankey, president at Sankey Research, warns of oil market risk from tightness in US refining capacity as diesel reaches new record highs. Sankey discusses the effects of a potential US diesel export ban and the lingering impacts he sees for the global oil market through the end of this year and into 2027. He speaks on "Bloomberg Surveillance."
Oil prices fell on Wednesday after U.S. President Donald Trump said U.S. and Iranian representatives held discussions at the United Nations.
