Oil Prices Soar on US-Iran Diplomatic Stalemate

Global oil prices surged on Thursday morning as energy market traders found little evidence of diplomatic progress in ongoing negotiations between the United States and Iran.

The international benchmark Brent crude futures for November delivery climbed 3.17 percent to $106.35 per barrel, while U.S. West Texas Intermediate futures for November delivery increased by 2.56 percent, reaching $94.52 per barrel.

Market tensions were elevated following statements made at the United Nations General Assembly by Iranian President Masoud Pezeshkian, who accused both Washington and Israel of inciting international instability.

Pezeshkian stated, 'The United States president described us as terrorists. We have been the victims of terrorism.'