Oil rises nearly 2% as Iran vows no surrender after US threat

Oil prices rose nearly 2% on Wednesday as traders weighed Iranian President Masoud Pezeshkian's vow to never surrender, following a US threat to "annihilate" Iran. Brent crude futures climbed $1.84 to $101.09 a barrel, while West Texas Intermediate gained 69 cents to $91.21. Pezeshkian told the UN General Assembly that Tehran would never surrender but remains open to diplomacy. A senior Iranian official said Tehran was reviewing a US response to its proposal to end hostilities, with discussions covering the Strait of Hormuz and Washington's naval blockade. European diesel premiums hit a record high after President Donald Trump backed a possible diesel export ban. US crude inventories rose by 3 million barrels last week, contrary to analyst expectations for a draw. Saudi Arabia resumed operations on its East-West Pipeline, and Iraq boosted exports, adding to supply pressures. A senior Iranian official suggested the Strait of Hormuz could reopen within seven days if the US eases military pressure.