Oil prices jump as US-Iran truce talks cloud supply outlook

Oil became more expensive because investors are worried about the future of Middle Eastern supplies.

The worry grew after Iran’s president said his country would not give in to US pressure.

Iran also said ships could not freely pass through the Strait of Hormuz while sanctions and a naval blockade remain.

This waterway is important because much of the world’s oil normally travels through it.

The United States is asking refiners to voluntarily reduce diesel exports instead of banning them.

Some experts worry that reducing exports could make fuel supplies tighter in other countries.

Saudi Arabia and Iraq are restoring or increasing some oil shipments.

However, Asian oil and fuel supplies are still lower than before the conflict.