Oil Prices Surge as Iran's Pezeshkian Vows to Resist US Threats
Oil prices rose nearly 2% on Wednesday as traders reacted to Iranian President Masoud Pezeshkian's vow not to surrender, despite US President Donald Trump's warning of possible annihilation.
The Brent crude futures price increased by $1.84, or 1.85%, to reach $101.09 a barrel by 11:11 a.m. EDT, while West Texas Intermediate futures gained 69 cents, or 0.76%, to $91.21.
Iran's president said Tehran would never surrender to the US but still believes in diplomacy at the UN General Assembly in New York on Wednesday.
A senior Iranian official told Reuters that Iran was reviewing the US response to its proposal to end hostilities, though many differences remain, and a reopening of the Strait of Hormuz and lifting of Washington's naval blockade on Iran were discussed during indirect talks on Tuesday.