Oil held a gain on renewed tensions between the US and Iran, with a defiant message from President Masoud Pezeshkian highlighting the still-wide gap between the two sides after months of war in the Middle East. West Texas Intermediate for November traded above $92 a barrel after adding 1.8% on Wednesday, while Brent settled above $103.

At the United Nations, Pezeshkian said that Tehran would not respond to threats, and laid out a number of conditions before any meaningful talks could resume. In products, US diesel was in focus amid speculation that the White House is considering export curbs. Still, Energy Secretary Chris Wright said the Trump administration was working with refiners to voluntarily rein in their shipments as an alternative to an outright ban.

Crude has surged this year as the conflict in the Middle East, as well as the fall-out from the Russia-Ukraine war, cut supplies and damaged infrastructure. Broad-based gains in energy have lifted global inflation, heaping pressure onto consumers. US retail prices of diesel have surged to a record, prompting some lawmakers to advocate for curbs on exports.

In the Middle East, traders await details from Saudi Arabia on plans to restart oil exports via its East-West pipeline. Attacks on vessels in the Strait of Hormuz have continued, with a cargo ship left adrift and burning. US Treasury Secretary Scott Bessent told Fox News that 17 million barrels of oil “sometimes” transited through Hormuz per day.