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Global oil prices rose more than 2% on Thursday as diplomatic efforts between the United States and Iran slowed, while concerns over a possible US ban on diesel exports added to market uncertainty.
By 3:40pm Bangladesh time, Brent crude had risen $2.43, or 2.36%, to $105.51 a barrel. West Texas Intermediate (WTI) gained $1.74, or 1.89%, to $93.90.
Brent had earlier climbed as much as 3% to $106.50 a barrel.
The latest gains came after reports that Iran had given the United States one week to meet its publicly stated demands, including lifting the US naval blockade.
Markets are now closely watching the course of US-Iran diplomatic efforts and Washington’s possible decision on diesel exports.
