Oil Prices Soar on Iranian President's Vow Not to Surrender

Oil prices settled up around 4% on Wednesday as Iranian President Masoud Pezeshkian's vow not to surrender to US pressure drove market sentiment higher.

The Brent crude futures rose by $3.83, or 3.86%, to $103.08 a barrel, while West Texas Intermediate futures gained $1.64, or 1.81%, to $92.16 per barrel.

A senior Iranian official told Reuters that the Strait of Hormuz could reopen within seven days if the US eases military pressure and lifts its blockade on Iranian ports.

The US Energy Secretary Chris Wright had said earlier that a diesel export ban would not work, warning it would do little to ease high energy prices and could worsen global supplies and further disrupt economies.