Oil Prices Surge as Iran Vows Never to Surrender

Oil prices surged nearly 2% on Wednesday as Iranian President Masoud Pezeshkian vowed that his country would never surrender to the US, despite President Donald Trump's threat to 'annihilate' Iran.

The 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 statement at the UN General Assembly in New York was seen as a response to Trump's warning on Tuesday that he could take drastic action against Iran.

The US Energy Secretary Chris Wright later said that a diesel export ban would not work, contradicting Trump's earlier statement that he backed the idea of such a ban.