Oil Prices Rise Amid Stalled US-Iran Diplomacy
Oil prices rose on Thursday, extending gains from the previous session as diplomatic talks between the US and Iran showed no signs of progress. Brent crude futures increased by 43 cents to $103.51 a barrel, while West Texas Intermediate crude futures gained 35 cents to reach $92.51 a barrel.
Despite some early fluctuations in Asian trading, investors struggled to establish a clear direction for prices amid the ongoing geopolitical stalemate. The Iranian president told the UN General Assembly that Tehran would never surrender to US pressure, while a senior Iranian official said Iran was reviewing Washington's response to its peace proposals.
The proposals prioritize lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz. However, Iran's Supreme National Security Council chief Mohsen Rezaei stated that the Strait would not be reopened unless Iran's conditions were met.