Stocks Market
Brent Crude Surges Past $105 as Hormuz Strait Tensions Escalate
Oil markets saw Brent crude climb above $105 per barrel on Thursday, driven by simmering US‑Iran diplomatic friction and renewed threats to shipping in the Strait of Hormuz. Iranian President Massoud Pezeshkian warned Tehran will not yield to pressure or curb its nuclear development rights, and conditioned navigation guarantees on the removal of U.S. sanctions. Meanwhile, Washington is nudging refiners to cut diesel exports voluntarily, while Saudi Arabia moves to restart pipeline shipments and Ukraine’s Zelensky discussed an energy‑infrastructure truce with former President Donald Trump.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Market Overview
Brent crude futures for November delivery rose to about $105.65 a barrel on Thursday, up nearly 2.5% on the day and building on a 3.86% jump the previous session. The rally reflects heightened uncertainty in US‑Iran relations and fresh threats to navigation through the Strait of Hormuz.
Geopolitical backdrop
Iranian President Massoud Pezeshkian told the UN General Assembly that Tehran will not bow to pressure or curb its right to develop nuclear technology for economic purposes. He also said Iran will not guarantee free shipping in the Strait while U.S. sanctions and blockades remain in place.
The U.S. Energy Secretary, Chris Wright, indicated the Trump administration is working with refiners on a voluntary reduction of diesel exports, aiming to avoid a formal ban on overseas shipments.
Policy and supply moves
Saudi Arabia is preparing to resume oil exports through its East‑West pipeline, signaling a return of additional supply capacity. Meanwhile, Ukrainian President Volodymyr Zelensky said he discussed a potential ceasefire covering energy infrastructure with former U.S. President Donald Trump.
For more on oil market dynamics, see related coverage on Brent and WTI price trends.