Iran's Pezeshkian: Tehran Doesn't Seek Nuclear Weapons, Oil Prices Plummet

Oil prices plummeted over 2% on September 25 after Iranian President Masoud Pezeshkian reiterated that Tehran does not seek nuclear weapons and expressed willingness to reduce uranium enrichment levels.

Pezeshkian's remarks came during the United Nations General Assembly in New York, where he also emphasized Iran's commitment to continuing negotiations with the United States within the framework of international law.

The Iranian president's comments were seen as a conciliatory signal, contributing to the decline in oil prices, which had surged earlier due to concerns over a potential disruption at the Strait of Hormuz, the world's most critical oil transit chokepoint.

According to TradeNation senior market analyst David Morrison, investors remain focused on inflationary pressures, energy price risks, and tough rhetoric from both sides during the UN General Assembly.