Brent crude rises 2% to $105.11 amid US-Iran diplomacy stalling at UN General Assembly

Brent crude jumped roughly 2% to approximately $105.11 per barrel on September 24, extending a rally that has pushed oil prices well above the $100 threshold. The catalyst, or rather the lack of one: US-Iran diplomatic talks in New York produced no meaningful progress, leaving traders to price in the continued reality of a closed Strait of Hormuz. The move followed an even sharper 3.86% surge the prior session, when Brent settled at $103.08. Two days of gains have effectively erased the optimism that briefly pulled prices below $100 when reports surfaced of productive indirect negotiations between Washington and Tehran. What killed the optimism On September 22, indirect US-Iran talks mediated by Qatar took place on the sidelines of the UN General Assembly. President Trump described the discussions as “very good,” and crude prices briefly softened below the $100 mark as markets priced in a potential de-escalation. Iranian President Masoud Pezeshkian took the General Assembly podium on September 23 and delivered an uncompromising address. He emphasized that Iran would “never surrender” to US pressure, while still leaving a narrow rhetorical door open for continued diplomacy. Markets ...