Crude oil prices jumped nearly 3% on Thursday to touch $106 per barrel once again since last week, as traders grew restless regarding progress in US-Iran truce talks.
The prices had cooled off briefly after US envoy Steve Witkoff and Iranian foreign minister Abbas Araghchi held talks on the sidelines of UNGA to discuss potential peace plans.
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Global benchmark Brent crude steadied around $105 per barrel after climbing nearly 3%, while the West Texas Intermediate was up 2% at $93.80 per barrel, as of 3:18 p.m. IST.
The oil market has remained heated ever since tensions between the United States and Iran flared up less than a month ago. The energy supply situation deteriorated after a key Saudi pipeline was damaged during strikes.
Recently, Iranian President Masoud Pezeshkian has pinned the blame for stirring global instability on the United States and Israel.
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“The United States president described us as terrorists. We have been the victims of terrorism,” Pezeshkian said in a live translation of his speech at the United Nations General Assembly.
To make matters worse, America is reportedly mulling a 90-day diesel export ban as domestic fuel prices reach record levels. The reports state that though the legal framework remains undecided, President Trump could advance the proposal by the end of the week.
"US and Iranian officials held further diplomatic discussions this week, with early signs of progress briefly pushing Brent below USD 100/b on 23rd September. Renewed tensions later drove Brent 3.9% higher to USD 103.08/b by the close. With the Strait of Hormuz disruption unresolved and no agreement reached, ongoing negotiations remain an important source of geopolitical risk and price volatility for global oil markets," noted Choice Institutional Equities in a research report.
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