Oil Prices Slip Amid Renewed Tensions Between US and Iran
Oil prices declined by 1% in Asian trading on Thursday after surging nearly 4% in the previous session. The drop came as investors weighed renewed tensions between Washington and Tehran against signs that diplomatic efforts to end the conflict remained possible.
The price of November expiring crude fell to $102.10 per barrel, while Brent crude futures slipped 0.7% to $91.50 per barrel. This followed Iranian President Masoud Pezeshkian's address to the United Nations General Assembly, in which he said Iran would not surrender to U.S. pressure while maintaining that Tehran remained open to diplomacy.
U.S. President Donald Trump had warned a day earlier that he could 'annihilate' Iran if a deal to end the conflict could not be reached. A senior Iranian official stated that Tehran was reviewing Washington's response to an Iranian proposal to end hostilities, although significant differences remained.