Oil Prices Surge Amid Saudi Attacks and Stalled US-Iran Diplomacy

Crude oil prices surged on September 24, hitting a one-week high amid fresh concerns over Middle East supplies and stalled diplomatic efforts to end the US-Iran war. Brent futures rose $4.10 to $107.18 a barrel, while U.S. West Texas Intermediate crude gained $3.66 to $95.82.

The price hike came after Saudi Arabia intercepted six ballistic missiles launched by Yemen's Iran-backed Houthis on Thursday, preventing attacks on key oil infrastructure. The attacks underscored the ongoing tensions in the region and added to concerns over supply disruptions.

Diplomatic efforts to end the US-Iran conflict remain at an impasse, with a senior Iranian official stating that the two countries are still far apart on how to end the conflict. Iran's president told the U.N. General Assembly that Tehran would never surrender to US pressure.