Oil prices rise 2% on Iran uncertainty
- Oil prices rose more than 2% as US-Iran diplomatic talks showed limited progress and supply concerns remained.
- Brent crude futures increased to $105.40 per barrel, while WTI futures rose to $93.94 per barrel.
- Markets also monitored uncertainty around a potential U.S. diesel export restriction.
Oil prices rose more than 2% on Thursday as uncertainty over US-Iran negotiations and possible diesel export restrictions supported crude prices.
Brent crude futures increased $2.32, or 2.25%, to $105.40 a barrel, while West Texas Intermediate futures gained $1.78, or 1.93%, to $93.94 a barrel.
Iran and the United States remained divided over conditions for ending their conflict, with Iranian officials saying discussions would continue while key issues remained unresolved.
Following the announcement, Brent crude futures price was up 2.25% at $105.40 per barrel and WTI futures were up 1.93% at $93.94 per barrel.
Market participants also assessed reports about a potential 90-day U.S. diesel export ban, although the White House denied that such a plan was being prepared.
U.S. Energy Information Administration data showed U.S. crude inventories increased by 3 million barrels to 426.4 million barrels last week, while distillate inventories declined by 428,000 barrels to 107.4 million barrels.
