Brent holds above $102 amid Iran's conditions on the Strait of Hormuz — OilPrice

Brent crude traded at $102.20 per barrel, while U.S. WTI stood at $91.43 per barrel. As OilPrice reports, prices edged lower amid reports that parties to the conflict in the Middle East were ready for peace, but remained at a high level.

Earlier this week, Brent fell below $100 per barrel following reports that Saudi Arabia had resumed operations of the East-West pipeline and increased volumes of oil transported through the Strait of Hormuz.

Statements at the UN General Assembly

Speeches at the UN General Assembly affected traders' sentiment. U.S. President Donald Trump said peace talks were productive while also threatening Iran with “destruction.” Iranian President Masoud Pezeshkian said Tehran was open to peace talks but would react negatively to the use of force.

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According to Reuters, cited by OilPrice, Pezeshkian described the U.S. president's statements as an example of pressure policy and said the Iranian people would not yield under such pressure.

Tehran's conditions

Iran presented the United States with a number of conditions for opening the Strait of Hormuz. They include ending the naval blockade of Iranian ports, lifting sanctions, and unfreezing Iranian assets. The United States did not reject these demands, but also did not signal readiness to meet them.

Against this backdrop, oil prices rose 4% on Wednesday after six consecutive days of decline. ING strategists noted that oil prices remain significantly higher than a month ago and have risen by 60% since the start of the year.