Global oil prices fall 2 percent

Oil prices declined by approximately 2% in the global markets, as fears eased following hopes of reaching a ceasefire between the United States and Iran, and amid discussions about the potential imposition of a U.S. ban on diesel exports. Brent crude fell by $2.28, reaching $104.32 per barrel, while West Texas Intermediate (WTI) decreased by $2.20 to $92.41. The talk of a diesel ban widened the gap between U.S. and global crude contracts, with expectations of reduced domestic refining volumes if diesel exports are halted. The premium of Brent over WTI rose to its highest level since May, while U.S. gasoline futures dropped by 4%.

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