NEW York: Oil gained on renewed tensions between the US and Iran, with a defiant message from President Masoud Pezeshkian highlighting the still-wide gap between the two sides after months of war.
West Texas Intermediate for November rose toward US$93 a barrel after a volatile session on Wednesday, while Brent settled above US$103.
At the United Nations, Pezeshkian said Tehran would not respond to threats, and laid out a number of conditions before any meaningful talks with Washington could resume.
In products, US diesel was in focus amid speculation that the White House is considering export curbs. Still, Energy Secretary Chris Wright said the Trump administration was working with refiners to voluntarily curb their exports as an alternative to an outright ban on sending the fuel abroad.
Crude has surged this year as the conflict in the Middle East, as well as the fall-out from the Russia-Ukraine war, cut supplies and damaged infrastructure. Broad-based gains in energy have contributed to a pick-up in global inflation, heaping pressure onto consumers, while boosting challenges for central bankers.
WTI for November traded 0.6% higher at US$92.70 a barrel at 6:08 a.m. in Singapore. — Bloomberg
