Oil prices rise 2% on Iran uncertainty
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Oil prices rose more than 2% on Thursday as uncertainty over US-Iran negotiations and possible diesel export restrictions supported crude prices.
Oil prices rose more than 2% on Thursday as uncertainty over US-Iran negotiations and possible diesel export restrictions supported crude prices.
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 declined to two-week lows on Tuesday as expectations for Gulf supply recovery improved following developments involving Iran and Saudi Arabia.
Oil prices fell on Wednesday after U.S. President Donald Trump said U.S. and Iranian representatives held discussions at the United Nations.
Brent fell toward $99 a barrel, after tumbling over the previous four sessions. Oil erased earlier gains on a report that Iran could reopen the Strait of Hormuz if the US lifted a blockade of its ports. US President Donald Trump is set to address the United Nations General Assembly in New York later, and he may meet with his Iranian counterpart, Masoud Pezeshkian. Bloomberg's Will Kennedy breaks down the situation.
