Crude oil prices in the global market fell slightly after hopes of a diplomatic solution emerged during the ongoing war between Iran and the United States. Investors reacted cautiously, keeping in mind the situation in the region and the possible impact on global oil supply.
Brent crude oil futures fell 94 cents, or 0.9 percent, to $102.10 per barrel. The price of US West Texas Intermediate (WTI) also fell 59 cents, or 0.7 percent, to $91.32 per barrel.
This decline in crude oil prices is in contrast to the trend a day earlier. Oil prices in the global market had increased by about 4 percent yesterday. Later, Iran’s statement that it was keeping diplomatic channels open eased some of the pressure in the market.
On the other hand, the price of Emirati Murban crude oil increased. The price of Murban rose by about 4.06% to $113 per barrel.
The global energy market is also focused on possible US diesel export restrictions. Ultra-low sulfur diesel futures contracts fell by about 5%.
According to US media reports, the Trump administration is considering a proposal to limit diesel exports for 90 days. However, the White House has denied reports of any such proposal.
US energy officials have previously expressed concerns about the potential impact of a ban on diesel exports. According to experts, if large quantities of diesel exports are affected, it could affect global fuel supply and prices.
The price trend in the global oil market in the coming days may be affected by Iran-US tensions, diplomatic developments and decisions related to global energy supplies.
