Oil Prices Surge as Iran Refuses to Surrender to US Threats
Oil prices surged almost 2% on Wednesday as Iranian President Masoud Pezeshkian vowed his country would never surrender to the US, despite President Donald Trump's threat to 'annihilate' Iran.
Brent crude futures rose $1.84, or 1.85%, to $101.09 a barrel by 11:11 a.m. EDT while West Texas Intermediate futures gained 69 cents, or 0.76%, to $91.21.
Pezeshkian's speech at the UN General Assembly in New York came after Trump warned Iran that he could take drastic action against it. Pezeshkian said Tehran would never surrender but still believes in diplomacy.
A senior Iranian official told Reuters that the country was reviewing the US response to its proposal to end hostilities, though many differences remain. A reopening of the Strait of Hormuz and lifting of Washington's naval blockade on Iran were discussed during indirect talks on Tuesday, the official said.