Economy
Oil Retreats After 4% Rally as Iran-US Diplomacy Remains Stalled
Oil prices fell Thursday—Brent down 0.9% to $102.13 and WTI down 0.7% to $91.56—after a 4% gain the prior session, amid continued diplomatic deadlock between Iran and the U.S. over ending hostilities.
Crude oil prices declined on Thursday following a 4% surge in the previous trading session. The pullback came after Iran stated it remains open to diplomacy aimed at ending hostilities with the United States.
Brent crude futures dropped 94 cents, or 0.9%, to $102.13 per barrel. West Texas Intermediate (WTI) futures fell 59 cents, or 0.7%, to $91.56 per barrel.
A senior Iranian official told Reuters that “Iran’s and the United States’ positions remain far apart on how to end the war, but diplomatic efforts must continue.”
The official added that “Tehran is reviewing Washington’s response to its proposals to end the war.” Those proposals focus on lifting the U.S. naval blockade on Iranian ports and reopening the Strait of Hormuz.
Diplomatic Context and Public Statements
This follows a speech by the Iranian president before the United Nations General Assembly on Wednesday, in which he declared, “Tehran will never yield to American pressure.”
U.S. Secretary of State Marco Rubio told reporters on Wednesday that “reaching an agreement with Iran will require hard work over a period of time,” and added, “Trump also has military options.”
Fuel Markets React to Export Rumors
Ultra-low-sulfur diesel futures fell nearly 5% during midday trading after the U.S. political news site Politico reported that the administration of President Donald Trump is preparing plans to impose a 90-day export ban on diesel. The White House denied the report.
