Oil Prices Rise as U.S.-Iran Talks Show Limited Progress
Oil prices extended gains as traders saw limited evidence of progress in talks between the U.S. and Iran toward a diplomatic resolution to the ongoing Middle East conflict.
Futures for international benchmark Brent crude for November delivery rose 3.17% to $106.35 a barrel as of 4:28 a.m. ET. U.S. West Texas Intermediate (WTI) futures for November delivery also gained 2.56%, reaching $94.52 per barrel.
Market sentiment remained influenced by continued tensions between Washington and Tehran. Iranian President Masoud Pezeshkian criticized the U.S. and Israel during a speech at the United Nations General Assembly, accusing both countries of contributing to global instability.
“The United States president described us as terrorists. We have been the victims of terrorism,” Pezeshkian said, according to a live translation of his remarks. He added that Iran would continue to fight back “until our last breath.”
The comments come as markets closely monitor developments surrounding the conflict and their potential impact on global energy supplies. Persistent geopolitical tensions in the Middle East have continued to support oil prices as traders assess the risks to production, transportation and regional supply routes.
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Meanwhile, traders are also assessing indications of strong crude demand from Asia. According to a Reuters report citing data compiled by commodity analysts Kpler, Asia’s crude oil imports are expected to reach their highest level since the start of the Iran war.
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The region is on track to import around 23.96 million barrels per day (bpd) of crude in September, compared with 23.38 million bpd in August. The September figure would represent the highest level since February, according to the report.
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The combination of geopolitical uncertainty and firm Asian crude demand is keeping attention focused on global oil markets as investors monitor further developments in U.S.-Iran relations.