Oil Prices Soar Amid Fading Hopes for Iran Conflict Resolution
Oil prices rose again on Thursday, extending gains from Wednesday's session as hopes for an immediate end to the Iran conflict faded.
The price of crude oil jumped by over 1% to $104.19 a barrel, while Brent crude futures settled more than 3% higher on Wednesday and WTI crude climbed nearly 2%.
In a speech at the United Nations General Assembly, Iranian President Masoud Pezeshkian said Iran would not surrender to US pressure, but remained open to diplomacy.
US President Donald Trump warned that he could 'annihilate' Iran if a deal was not reached, while a senior Iranian official told Reuters that Tehran was reviewing Washington's response to an Iranian proposal.
The Strait of Hormuz, which handles around one-fifth of global oil and liquefied natural gas shipments, remains closed due to the conflict, with Iran saying it will not reopen until its conditions are met.