Iran-US Talks Stall, Oil Prices Surge

Oil prices surged over 2% on Thursday as diplomatic talks between the US and Iran showed little progress, despite Iranian officials reviewing Washington's response to Tehran's peace proposals.

Brent crude futures rose $2.43 or 2.36%, to $105.51 a barrel at 0940 GMT, while West Texas Intermediate futures were up $1.74 or 1.89% to $93.90 a barrel.

Iran's president told the UN General Assembly that Tehran would never surrender to US pressure, and an Iranian official said the government was reviewing Washington's response to its peace proposals, which prioritize lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz.