US energy secretary downplays diesel export ban idea as prices climb

Oil prices surged past $100 per barrel amid the ongoing US-Iran geopolitical conflict. Iran's president expressed willingness for peace talks, but insisted Tehran would not abandon its nuclear program or yield to American demands. Oil and gas flows through the Strait of Hormuz continued to increase. Qatar boosted liquefied natural gas exports to their highest point in more than two months, and Saudi crude shipments also rose.

On the other hand, US Energy Secretary Chris Wright dismissed claims that the administration was considering a total ban on US diesel exports to alleviate the soaring prices. The idea faced skepticism from many, as industry insiders argued that it would be impractical and counterproductive. Goldman Sachs warned that such a ban could reduce gasoline supplies and raise pump prices, while JP Morgan cautioned that even if the logistical hurdle of shifting exports from the Gulf Coast to the East Coast was surmounted, the ban would harm American refineries in the long run.