Oil Prices Soar Amid Saudi Attacks and Stalled Iran Talks

Oil prices surged on September 24, hitting a one-week high due to concerns over Middle East supplies and stalled diplomatic efforts between the US and Iran.

Brent crude futures gained $4.10, or four percent, to $107.18 a barrel at 11:09 a.m. EDT (1509 GMT), while US West Texas Intermediate crude rose $3.66, or four percent, to $95.82.

The price increase came as Saudi Arabia intercepted six ballistic missiles launched by Yemen's Iran-backed Houthis on Thursday, preventing attacks on the southern province of Taif and the Yanbu area on the Red Sea.

Diplomatic efforts to end the US-Iran war remained at an impasse, with a senior Iranian official stating that the two countries were still far apart on how to end the conflict. Iran's president told the UN General Assembly that Tehran would never surrender to US pressure.