Oil prices rose sharply on Thursday following reports that Iran's Supreme Leader has ordered that enriched uranium must remain within the country, a position that could complicate ongoing peace negotiations between Iran and the United States.
As of 9:15 AM Eastern Time, U.S. crude oil prices increased nearly 4% to $101.96 per barrel, while the international benchmark Brent crude rose approximately 3% to $108.34 per barrel.
Two senior Iranian sources indicated that Ayatollah Mujtaba Khamenei has directed that Iran's enriched uranium must not be exported. This development is significant as U.S. President Donald Trump has previously stated that dismantling Iran's nuclear program is a central objective of U.S. policy toward Iran.
Earlier this week, President Trump mentioned that, at the request of U.S. Gulf Arab allies, he called off a planned airstrike on Iran to allow more time for diplomatic efforts. Since a fragile ceasefire agreement was reached last month, negotiations between Iran and the U.S. have seen limited progress.
On Wednesday, President Trump warned that if Iran does not provide a "100% satisfactory answer" in the negotiations, the U.S. would resume military action. However, he also expressed willingness to wait a few more days to continue talks.
"We are ready to act at any time," President Trump told reporters at Joint Base Andrews in Maryland, referring to potential U.S. military operations. "We must get the right answer, and it must be a 100% satisfactory answer."
"If waiting a few more days can prevent war and reduce casualties, I think it's worth it," the President added.
Simultaneously, shipping through the Strait of Hormuz—a critical global oil supply route—remains severely disrupted due to Iran's blockade of the strait.
The International Energy Agency issued a warning on Thursday that if the Strait of Hormuz does not reopen, the oil market could enter a "red alert zone" this summer. IEA Executive Director Fatih Birol noted that with demand expected to rise during the summer travel season, global oil inventories would continue to deplete.
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