Oil gains on little sign of progress in US-Iran talks
USO•Oil prices rose more than 1% as US-Iran talks showed little sign of progress and investors weighed uncertainty over a potential US diesel export ban. Brent was up 1.58% at $104.71 a barrel and WTI gained 1.49% to $93.53.
1. Prices rise on talks
Brent and WTI rose more than 1% on Thursday as the US and Iran remained divided over how to end their conflict. Brent had reached $106.50 earlier after reports suggested Iran gave the US one week to meet its demands, including lifting the US naval blockade.
2. Inventories and diesel
Iran was reviewing Washington's response to peace proposals that prioritise lifting the blockade on Iranian ports and reopening the Strait of Hormuz. A White House official denied a report that the US was preparing a 90-day diesel export ban. US crude inventories rose 3 million barrels to 426.4 million last week, while distillate stockpiles fell 428,000 barrels to 107.4 million.
