Brent Crude Surges as Middle East Diplomacy Hits Roadblock

The price of Brent crude has surged again, reaching $105.77 per barrel at 09:00 GMT as diplomatic efforts to resolve the Middle East conflict falter.

US President Donald Trump's speech at the United Nations General Assembly summit threatened Iran with 'annihilation', prompting Iranian President Masoud Pezeshkian to respond with a statement that his country will not be intimidated by the US 'bullying mentality'.

Oil prices have found support in these developments, and market analysts predict that a swift resolution to the conflict is unlikely. As a result, Brent's price has surpassed the $105 per barrel mark, more than 60% higher year-to-date due to ongoing disruptions in the Middle East.