Oil Moves Higher on Rekindled War Fears

AI Summary

Oil prices rose after U.S. President Donald Trump rejected an Iran peace proposal, renewing fears of war. Brent was reported at $107.24 per barrel and WTI at $94.10, while a possible temporary U.S. diesel ban could affect refinery operations and crude supply.

Crude oil prices started the week with a jump after President Trump rejected a peace deal proposal tabled by Iran last week at the UN General Assembly. At the time of writing, Brent crude was trading at $107.24 per barrel, with West Texas Intermediate at $94.10 per barrel, the latter pressured by news that the U.S. federal government may institute a temporary ban on diesel, which would force refiners to cut run rates, boosting the availability of crude oil. Interestingly, a fresh report about improving oil flows out of the Persian Gulf failed to…