Oil prices rise as investors seek progress on U.S.-Iran talks
Oil rose Thursday, as traders assess a report that Asia is on track to import its highest volume of crude oil since the start of the US-Iran war.
BigThink
Numerous merchant ships belonging to Iran and other countries remain at anchor in the Strait of Hormuz in Bandar Abbas, Iran, on Sept. 8, 2026.
Fatemeh Bahrami | Anadolu | Getty Images
Oil prices extended gains early Thursday amid scant evidence that talks between the U.S. and Iran were showing progress towards a diplomatic solution to the Middle East conflict.
Brent crude, the international benchmark, rose 1.9% to $105.02 a barrel. U.S. West Texas Intermediate futures moved 1.7% higher to $93.72 per barrel.
brent
Tensions continue to simmer between the U.S. and Iran after Iranian President Masoud Pezeshkian blamed the U.S. and Israel for stoking 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 speech at the United Nations General Assembly. Pezeshkian also asserted that his country will continue to fight back "until our last breath."
Traders are also assessing a report that Asia is on track to import its highest volume of crude oil since the start of the war.
Asia's imports of crude oil rose in September to the highest level since the start of the Iran war, Reuters reported. The region is on track to import 23.96 million barrels per day in September, up from 23.38 million bpd in August and the most since February, Reuters said, citing data compiled by commodity analysts Kpler.
wti
