Iran News Updates

A U.S. ban on diesel exports could rapidly fill domestic storage, depress the fuel’s prices and ultimately shrink gasoline supply while pushing up costs at the pump.

Brent crude rose 1.3% to $100.55 per barrel. It reverses a decline for Brent, which had been falling since nearly hitting $110 last week.

As prices have risen, more Republicans have embraced the idea of a diesel export ban or even price controls. 

With flows from the region’s top supplier at risk, European diesel’s premium to Brent crude jumped to more than $95 a barrel on Sept. 23, a record in Bloomberg data going back to 2011.

Oil and gas executives have cautioned against it, warning that any restriction on U.S. crude and fuel exports would provide only short-term relief before ultimately backfiring.

Stocks got a boost after the price for a barrel of Brent crude fell to $100.23. It has come down from nearly $110 last week.

Multiple oil traders said there were already signs of tankers arriving at the port of Yanbu, where the piped barrels are exported from.

Oil traders are concerned that the higher costs make it unprofitable for some refiners to turn crude into fuels, deterring them from buying cargoes that have to sail over long distances.

Brent crude, the international standard, fell 3.1% to $100.62 per barrel. Oil supply concerns remain elevated.

The pace of increases has accelerated in September — gaining more than 87 cents so far this month — with prices rising almost every day and surging beyond the peak set in 2022.