Crude oil prices rose again on Thursday, a day after softening, as geopolitical tensions escalated. Iran's hardening of position on its nuclear programme indicated that the peace deal with the US could not be reached soon, which in turn would add pressure on the global economy due to the Hormuz deadlock.
By 9:15 a.m. ET, U.S. crude oil had increased by over 4% to $101.96 per barrel. Brent crude, an international benchmark, increased by around 3% to $108.34. The rise is being attributed to the statement of the Iranian Supreme Leader, Ayatollah Mojtaba Khamenei, in which he stated that his country is not giving up on the enriched Uranium.
According to two senior Iranian officials cited by Reuters, Khamenei has mandated that the nation's stockpile of near-weapons-grade enriched uranium stay within Iran.
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One of the main goals of the U.S. war, according to President Donald Trump, is to destroy Iran's nuclear program.
This statement by the Iranian Supreme Leader is likely to complicate the peace process further.
Crude oil prices had fallen sharply on Wednesday after a spokesperson of the Iranian Foreign Ministry claimed that Iran-US truce talks are still underway via Pakistani mediators.
Brent Crude had plunged 8% to $103.3 per barrel after closing at levels of $112 per barrel on Tuesday. The West Texas Intermediate slipped below $100 per barrel, to touch an intraday low of $97.06 a barrel after falling 8%.
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Later, Trump also reportedly said that Tehran and Washington were in their "final stages of talk".
Following the recent US-Israeli disagreement with Iran, the instruction strengthens Tehran's stance against a significant US demand in ongoing peace negotiations.
According to Reuters, US President Donald Trump promised Israel that any deal would necessitate the export of Iran's highly enriched uranium.
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