Oil prices rise sharply as investors seek progress on U.S.-Iran talks

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.

Futures for international benchmark Brent crude for November delivery rose 3.17% at $106.35 a barrel, as of 4:28 a.m. ET. U.S. West Texas Intermediate futures for November moved 2.56% higher to $94.52 per barrel.

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.