Oil Prices Jump Amid US-Iran Tensions Over Hormuz Navigation

Oil prices surged nearly 3% on Thursday amid growing uncertainty over US-Iran negotiations and Hormuz shipping concerns. Brent crude touched $106 a barrel as Iranian President Masoud Pezeshkian told the United Nations General Assembly that Tehran would not bow to US threats and would not give up its right to develop nuclear technology for economic development.

Pezeshkian also stated that Iran would not allow freedom of navigation through the Strait of Hormuz as long as US sanctions and a naval blockade remain in place. The Strait is a key route for global oil trade, carrying about 20% of global crude and refined products before the conflict.

The Iranian government is reviewing a US response to its proposal to end hostilities, though significant differences remain, according to a senior Iranian official who spoke with Reuters.