Oil Rises on Renewed US-Iran Tensions, With WTI Near $93

International oil prices are rising again as uncertainty over renewed negotiations between the US and Iran deepens.

Bloomberg reported on September 23 that, as of 6:08 a.m. Singapore time, November West Texas Intermediate was trading at $92.70 a barrel, up 0.6% from the previous session. Brent had ended the previous day above $103 a barrel.

The gains are being attributed to renewed tensions between the US and Iran following hard-line remarks by Iranian President Masoud Pezeshkian. In a speech at the United Nations, Pezeshkian said Iran would not respond to US threats and set out several conditions for resuming substantive negotiations.

The possibility of US restrictions on diesel exports is also drawing market attention. Amid speculation that the White House is reviewing limits on diesel exports, US Energy Secretary Chris Wright said the administration is discussing voluntary export cuts with refiners instead of pursuing a blanket ban.

Oil prices have surged this year as crude supply has fallen and energy facilities have been damaged by the Middle East conflict and the Russia-Ukraine war. Higher energy prices are adding to global inflation pressure and increasing the burden on consumers and major central banks.

The market is watching whether the US and Iran resume talks, as well as US diesel export policy, as key variables for oil prices going forward.