Iran War Crisis Sends Oil Prices Soaring Past $100 Per Barrel
Oil prices have surged past the $100 per barrel threshold as diplomatic efforts to resolve the Iran war crisis stall.
The price of Brent crude, a widely used benchmark, has bounced back above $100 per barrel after high-stakes talks at the UN General Assembly (UNGA) summit failed to yield a breakthrough.
US President Donald Trump's speech at the UNGA summit was seen as a significant setback for peace efforts, with his threat of 'annihilation' against Iran sparking outrage in Tehran.
Tehran has outlined seven key demands for reopening the Strait of Hormuz, including the lifting of US naval blockades on Iranian ports and the easing of economic sanctions.
The US has stopped short of dismissing these demands but has given no indication it will meet them, leaving oil prices to find strong support in the market.