Oil rises above $93 as Iran warns conflict could widen

  • Crude oil rose above $93 as tensions between the United States and Iran intensified.
  • Yahya Rahim Safavi warned another US or Israeli attack could extend the conflict to the Indian Ocean.
  • Masoud Pezeshkian said Iran would restrict Strait of Hormuz navigation while sanctions and blockade persist.

Crude oil rose above $93 a barrel on Thursday after gaining 1.8% in the previous session, as heightened Middle East tensions undermined hopes for a diplomatic resolution between the United States and Iran. Yahya Rahim Safavi, military adviser to Iran's Supreme Leader, warned that a further US or Israeli attack could broaden the conflict from the Persian Gulf, Strait of Hormuz and Red Sea to the Indian Ocean. Iranian President Masoud Pezeshkian said Tehran was prepared to resume talks to end the conflict but would not yield to threats, while reiterating that Iran would restrict navigation through the Strait of Hormuz while US sanctions and a blockade remain in force. The warning adds to market concerns after oil prices rose more than 2% on September 24, when Brent reached $105.40 a barrel and WTI traded at $93.94 amid stalled diplomacy and uncertainty over possible US diesel-export restrictions.

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