Crude oil climbed above $92.50 a barrel on Wednesday, snapping a five-session losing streak, as uncertainty lingered over the trajectory of US–Iran negotiations. At the UN General Assembly, Iranian President Masoud Pezeshkian said Tehran remained open to diplomacy but would not negotiate “under pressure.” Meanwhile, Iran’s military warned it was prepared to launch “more crushing” strikes in response to US President Donald Trump’s earlier UN address, in which he threatened to “annihilate” Iran.
Following his remarks, Trump described subsequent talks with Iranian envoys as “productive.” Tehran, for its part, has signaled it could reopen the strait if Washington eases its military posture and lifts restrictions on Iranian ports. On the supply side, Saudi Arabia’s partial restoration of its East–West pipeline has helped alleviate some market concerns.
In a separate diplomatic development, Ukrainian President Volodymyr Zelenskyy urged Trump to convene a trilateral meeting with Russian President Vladimir Putin. Zelenskyy also said that he and Trump discussed the possibility of an “energy ceasefire.”