Brent Prices Spike Above $107 as US-Iran Hopes Fizzle
Oil prices rose on Thursday, September 24, as hopes for a near-term breakthrough in US-Iran negotiations faded. Brent futures surged above $107/bbl, while US West Texas Intermediate (WTI) climbed to $96.50/bbl.
The gains erased the week's earlier weakness, which came as signs of improving Middle East supply pushed prices lower. Iran and the US remain divided over terms for ending the conflict.
Tehran is prioritizing an end to the US naval blockade on Iranian ports and the reopening of the Strait of Hormuz. A senior Iranian official said that both issues were discussed in indirect talks on Tuesday, but there was little sign of an imminent agreement.
Rhetoric hardened at the UN General Assembly, with US President Donald Trump threatening to 'annihilate' Iran if no deal is reached. Iranian President Masoud Pezeshkian responded by saying that Iran would not surrender to US pressure and calling Trump's remarks a sign of a 'bullying mentality'. He also said Tehran remained open to negotiations.