US-Iran Uncertainty Lifts Oil Prices Above $102 Amid Dollar Strength
Brent crude oil held above $102 per barrel on Thursday as uncertainty over US-Iran talks continued to support prices. Iranian President Masoud Pezeshkian told the United Nations General Assembly that Tehran would not bow to threats and would not give up its right to develop nuclear technology for economic development.
Pezeshkian also stated that Iran would not allow freedom of navigation through the Strait of Hormuz as long as sanctions and a US blockade remained in effect. Meanwhile, Energy Secretary Chris Wright said the Trump administration was working with refiners on a voluntary reduction in US diesel exports as an alternative to imposing a formal ban.
The US dollar also strengthened, rising more than 0.4% to above 101 on Wednesday, and reaching an eight-week high after data showed US business activity expanding at its fastest pace in over five years. The S&P Global flash US Composite PMI rose to 58.4 in September, indicating a sharp acceleration in economic activity.