Oil Prices Rebound Amid US-Iran Tensions; Brent Surges 3.9%

International oil prices rebounded yesterday local time as uncertainties surrounding the possibility of a diplomatic resolution between the United States and Iran were highlighted.

On this day, Brent crude futures for November delivery on London's ICE Futures exchange settled up 3.83 dollars (3.86 percent) at 103.08 dollars a barrel.

Brent crude, the global benchmark, had fallen to 99.25 dollars a barrel the previous day, hitting its lowest level since September 8, but recovered the 100-dollar mark in just one day.

At the New York Mercantile Exchange, the closing price for West Texas Intermediate (WTI) crude for November delivery finished up 1.64 dollars (1.81 percent) at 92.16 dollars a barrel.

Both crude benchmarks recorded their first rebound since September 16.

Uncertainties surrounding negotiations between the United States and Iran also supported oil prices.

During his speech at the UN General Assembly in New York on this day, Iranian President Masoud Pezeshkian stated that Iran would never surrender to the United States while still leaving the door open for a diplomatic solution.

U.S. President Donald Trump had also strongly pressured Iran during his UN General Assembly speech the previous day, telling the country to choose between a "deal" and "annihilation."

Political media outlet Politico reported on this day that the Donald Trump administration was preparing a 90-day ban on diesel exports to lower domestic energy prices, but the White House denied the report.

This report also acted as a factor that amplified oil price volatility during the session.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.