Oil Prices Steady Amid Ongoing Tensions and Disruption

Oil prices steadied on Thursday, September 24, after a sharp rally in the previous day's session. Brent crude held below $103 a barrel before settling at around $102.32 per barrel, having climbed almost 4% on Wednesday. The stability came despite Iranian President Masoud Pezeshkian's defiant remarks at the United Nations (UN), where he said Iran would not bow to threats and set out several conditions for substantive talks.

Pezeshkian's comments underscored the ongoing distance between Washington and Tehran, which has been a key factor in the recent surge in oil prices. The conflict across West Asia has compounded disruption from the Russia-Ukraine war, squeezing supplies while damaging energy infrastructure.