Oil up almost 2% as Iran's president vows to never surrender

FILE PHOTO: A drone view of a pump jack and drilling rig south of Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/File Photo

HOUSTON, Sept 23 : Oil prices settled up just shy of 4 per cent a barrel on Wednesday in choppy trade, as traders evaluated Iranian President Masoud Pezeshkian's vow never to surrender, a day after US President Donald Trump warned he could "annihilate" Iran.

Brent crude futures settled up $3.83, or 3.86 per cent, to $103.08 a barrel, while West Texas Intermediate futures gained $1.64, or 1.81 per cent, to $92.16.

Ultra-low-sulfur diesel futures were down around 5 per cent after Politico reported the Trump administration was preparing plans for a 90-day diesel ban, a story the White House then denied.