Oil Holds Gains on US-Iran Uncertainty
Crude oil held above $92 per barrel on Thursday after rebounding in the previous session, as uncertainty persisted over progress in US-Iran talks. Iranian President Masoud Pezeshkian told the UN General Assembly that Tehran would not bow to threats, adding that the Islamic Republic won’t give up the right to develop nuclear technology for economic development. Pezeshkian also said Iran would not allow freedom of navigation through the Strait of Hormuz as long as sanctions and a US blockade remain in effect. In the US, Energy Secretary Chris Wright said the Trump administration was working with refiners on a voluntary reduction in US diesel exports as an alternative to imposing a formal ban on overseas shipments. Meanwhile, Saudi Arabia is taking steps to resume oil exports through its key East-West pipeline. Ukrainian President Zelenskyy also said he and President Trump had discussed an energy ceasefire.
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Brent crude held above $102 per barrel on Thursday after rebounding in the previous session, as uncertainty persisted over progress in US-Iran talks. Iranian President Masoud Pezeshkian told the UN General Assembly that Tehran would not bow to threats, adding that the Islamic Republic won’t give up the right to develop nuclear technology for economic development. Pezeshkian also said Iran would not allow freedom of navigation through the Strait of Hormuz as long as sanctions and a US blockade remain in effect.
In the US, Energy Secretary Chris Wright said the Trump administration was working with refiners on a voluntary reduction in US diesel exports as an alternative to imposing a formal ban on overseas shipments. Meanwhile, Saudi Arabia is taking steps to resume oil exports through its key East-West pipeline. Ukrainian President Zelenskyy also said he and President Trump had discussed an energy ceasefire.