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

Oil prices rose nearly 4% on Wednesday after Iranian President Masoud Pezeshkian said his country would not surrender to the United States.

Brent futures settled $3.83, or 3.86%, higher at $103.08 a barrel, while West Texas Intermediate (WTI) crude rose $1.64, or 1.81%, to $92.16 a barrel.

The increase in oil prices came after Pezeshkian delivered a speech at the United Nations General Assembly in New York, where he said Iran would not surrender to the US, while leaving room for diplomacy.

A senior Iranian official told Reuters that Tehran was reviewing the US response to a proposal to end hostilities, but several differences between the two countries remain unresolved.