Oil up almost two pct as Iran's president vows to never surrender
HOUSTON: Oil prices were up almost two per cent a barrel on Wednesday in choppy trade, as traders evaluated Iranian President Masoud Pezeshkian's vow never to surrender, a day after US President Donald Trump warned he could "annihilate" Iran.
Oil prices surged nearly two percent on Wednesday, driven by traders' reactions to Iran's president Masoud Pezeshkian's pledge to never yield. The US retaliated on the same day, warning of potential destruction against Iran. Brent crude futures climbed $1.84, or 1.85 percent, to $101.09 a barrel, while West Texas Intermediate futures jumped 69 cents, or 0.76 percent, to $91.21 a barrel.
Iran's president stated at the UN General Assembly that Tehran would resist surrender but remains open to diplomacy. Traders are monitoring the US response to Iran's proposal to cease hostilities, though significant gaps remain between the two nations. The Strait of Hormuz's reopening and the lifting of Washington's naval blockade on Iran are being discussed in indirect talks between Iran and the US.
Meanwhile, Europe's low-sulfur gasoil premium to Brent crude futures reached a record high due to fears of a diesel export ban by the US, which analysts believe would not alleviate high energy prices.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
