Iran's Vow to Never Surrender Lifts Oil Prices by Nearly 4%

Oil prices rallied by around 4% on Wednesday as Iranian President Masoud Pezeshkian vowed that his country would never surrender to the US, despite ongoing tensions between the two nations.

The Brent crude futures settled at $103.08 a barrel, up $3.83 or 3.86%, while West Texas Intermediate futures gained $1.64 or 1.81% to $92.16.

The rally was driven by Pezeshkian's speech at the UN General Assembly in New York, where he emphasized Iran's commitment to diplomacy despite US President Donald Trump's threat to 'annihilate' Iran.

However, ultra-low-sulfur diesel futures declined around 5% following reports that the Trump administration was preparing plans for a 90-day diesel ban, a claim later denied by the White House.