Oil Prices Rebound Amid Iran's Firm Stance Against US

Oil prices rebounded on Wednesday after five consecutive losing sessions, as markets reacted to Iranian President Masoud Pezeshkian's remarks at the UN General Assembly in New York. He stated that Iran would not surrender to the United States.

Brent rose 3.9% to close at $103.08 a barrel, while U.S. West Texas Intermediate (WTI) gained 1.8%, to $92.16 a barrel.

The rise in prices came after intense volatility in previous days, with U.S. crude remaining 8% lower on a weekly basis and Brent narrowing its losses to around 1%. Investors are closely monitoring developments in relations between Washington and Tehran, following Donald Trump's remarks that he was facing a 'big decision' on whether to seek a deal with Tehran or proceed with the 'elimination' of Iran.

Pakistan's mediation role is estimated to be capable of reducing the risk of wider escalation. However, analysts estimate that prices are unlikely to surge sharply in the immediate term, as the market has already priced in part of the geopolitical risk.