Oil Prices Extend Gains as Markets Await US Decisions on Diesel Exports

Global oil prices continued to rise on Wednesday as geopolitical concerns returned to the fore and markets awaited Washington’s decisions on diesel exports.

The gains were supported by the US president’s denial that he was prepared to ease sanctions on Iran, keeping the restrictions in focus for energy markets.

The denial renewed attention to tensions surrounding Iran and their potential implications for oil supplies. The summary provided no indication of a change in US sanctions policy.

Markets were also watching for decisions from Washington on diesel exports. No details were provided on the measures under consideration or when an announcement might be made.