Brent crude oil price exceeds the 100 dollar threshold
Stalled negotiations between the US and Iran and the possibility of a diesel export ban caused Brent crude prices to rise above 100 dollars.
The futures price of a barrel of Brent crude rose by 2.5 percent to $100.49 following the deadlock in negotiations between the US and Iran and the Washington administration's evaluation of the option to ban diesel exports.
Details of the Rise in Oil Prices
The futures price of a barrel of Brent crude, which climbed up to $99.30 yesterday and completed the day at $98.03, gained 2.5 percent in value today.
At the same time, the November futures price for West Texas Intermediate crude was determined at the $92.57 level, and markets are being closely monitored.
Negotiation Crisis Between US and Iran
US Secretary of State Marco Rubio asked the Iranian delegation to leave the country following the deadlock in talks between Washington and Tehran.
Iran's Permanent Mission to the UN stated that it rejected claims that the delegation was forced by the US to leave New York.
Diesel Export Ban Discussions
The US evaluating the option to ban diesel exports also increased concerns in global markets regarding a potential contraction in product supply.
US President Donald Trump stated that they are evaluating this option, but noted that such a step could drive up gasoline prices.
Fed's Interest Rate Policy and Expectations
The strengthening of expectations that the US Federal Reserve will delay interest rate hikes is also among the elements supporting oil prices.
In pricing within money markets, forecasts regarding the Fed going for an interest rate hike in October fell from the 70 percent level to 38 percent.