Oil Prices Soar on Renewed US-Iran Tensions
Oil prices surged on renewed tensions between the US and Iran, following a defiant message from Iranian President Masoud Pezeshkian. The two sides are still far apart after months of conflict.
The West Texas Intermediate for November rose towards $93 a barrel, while Brent settled above $103. At the United Nations, Pezeshkian stated that Tehran would not respond to threats and laid out conditions before any meaningful talks with Washington could resume.
The Trump administration is working with refiners to voluntarily curb their exports of US diesel as an alternative to a ban on sending the fuel abroad. Crude prices have surged this year due to the conflict in the Middle East and the fall-out from the Russia-Ukraine war, cutting supplies and damaging infrastructure.