Oil Prices Surge on Iran's Hardening Stance in US-Iran Peace Talks

Oil prices rose by over 1% on Thursday after Reuters reported that Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, had issued a directive stating that near-weapons-grade uranium should not be sent abroad. This move complicates US-Iran peace talks and further frustrates US President Donald Trump.

According to two senior Iranian sources cited by Reuters, the directive signals Iran's hardening stance on one of the main US demands at peace talks. Brent crude futures gained $1.39, or 1.3%, to $106.41 a barrel by 1037 GMT, while U.S. West Texas Intermediate futures rose $1.56, or 1.6%, to $99.82.

Earlier this week, Trump said talks with Iran were in the final stages, but both benchmarks dropped around 5.6% on Wednesday to their lowest in more than a week. Pakistan has stepped up diplomatic efforts to hasten peace talks between the US and Iran.