Brent Crude Surges Four Percent Amid Saudi Attacks and Stalled Iran Talks

Oil prices surged on September 24 as concerns over Middle East supplies and diplomatic efforts to end the U.S.-Iran war weighed heavily on markets. Brent crude futures rose $4.10, or four percent, to $107.18 a barrel at 11:09 a.m. EDT (1509 GMT), marking its highest close in more than a week.

The attacks by Yemen's Iran-backed Houthis on Saudi Arabia and the stalled diplomatic efforts sent shockwaves through the oil market. The U.S.-Iran war has been ongoing for months, with both countries showing little sign of compromise. Iranian President Hassan Rouhani told the U.N. General Assembly that Tehran would never surrender to U.S. pressure.

The situation was further complicated by a reported U.S. proposal to restrict diesel exports, which could worsen global supply pressures and send prices even higher. The European Union and the United States are in high-level discussions over the matter.