Iran's Uranium Stance Sparks Oil Price Surge Amid US-Iran Peace Talks
Oil prices rose over 1% on Thursday after a Reuters report that Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, has issued a directive to keep the country's near-weapons-grade uranium within its borders.
This move complicates US-Iran peace talks, as it signals Tehran's hardening stance on one of the main US demands. The report cited two senior Iranian sources and comes after US President Donald Trump said talks with Iran were in their final stages.
The news led to a surge in oil prices, with Brent crude futures gaining $1.39, or 1.3%, to $106.41 a barrel by 1037 GMT, while U.S. West Texas Intermediate futures rose $1.56, or 1.6%, to $99.82.
Analysts at ING said that the oil price has remained relatively contained despite the scale of the Middle East disruption, but warned that it could be affected by further developments in the region.