Oil prices advanced for a second day Thursday (9/24) morning amid stalling progress in U.S.-Iran talks and signs that the disruption to Saudi Red Sea crude oil exports may last longer than initially expected.

Crude oil futures climbed nearly 5% Wednesday, even as Energy Information Administration (EIA) data showed a weekly increase in U.S. commercial crude inventories.

With diesel prices surging during harvest, Republican lawmakers are proposing relief measures ranging from export restrictions to direct assistance for farmers and truckers.

With the U.S.-Iran conflict now in its eighth month, market participants are looking for signs that renewed diplomacy could ease geopolitical risk and reopen a path toward negotiated de-escalation.

With the U.S.-Iran conflict now in its eighth month, market participants are looking for signs that renewed diplomacy could ease geopolitical risk and reopen a path toward negotiated de-escalation.

U.S. crude futures dipped beneath $100 bbl Monday (9/21), leading a broad slide in energy market premiums, as the likelihood of a U.S. and Iranian summit loomed while the Middle East war edged toward its eighth month.

Crude futures held in the lower $100 bbl territory while distillate and gasoline prices marched higher for the week.