Brent Crude Hits Five-Month High as US Eyes Diesel Releases
U.S. Energy Secretary Chris Wright is discussing diesel stockpile releases with European allies as Brent crude futures briefly reach $109.99 per barrel.
Brent crude futures briefly reached $109.99 per barrel, hitting five-month highs before retreating as Middle Eastern supply recovered. While Gulf oil flows have returned to roughly 80% of pre-conflict levels, refined-product shipments remain limited by a global refining crisis and Ukrainian attacks on Russian refineries.
Chris Wright, the U.S. Energy Secretary, stated that gasoline and diesel prices "peaked" several weeks ago. Despite this, Wright acknowledged consumer frustration and confirmed the administration is seeking further price reductions. To mitigate current constraints, the Trump administration is discussing the release of diesel stockpiles with European allies.
In a separate diplomatic development, Russian President Vladimir Putin has proposed high-level talks next month with President Donald Trump and Chinese President Xi Jinping. Moscow confirmed that this proposal is currently under discussion.
