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Bond traders are also alarmed that the oil price remains stubbornly over $100 a barrel.
After dropping below that level on Monday, and again on Tuesday, and Wednesday, Brent crude is now changing hands for $103.26 a barrel.
Brent crude oil is up close to 6% from the lows yesterday. The speech by President Pezeshkian of Iran at the UN yesterday did not suggest prospects for imminent peace were good.
There has also been a notable pick-up in reports that the US administration will soon announce an export ban on diesel. This would likely lead to further rises in diesel on international markets and could also lift gasoline prices in the US with the surplus diesel in the US causing crude oil refiners to cut production of not just diesel but gasoline as well.
