Oil prices snap losing streak

Crude oil prices rose Wednesday, ending five consecutive days of losses. Brent crude rose three point nine percent to close at one hundred three point zero eight dollars per barrel.

U.S. crude also gains ground

U.S. West Texas Intermediate advanced one point eight percent to settle at ninety two point one six dollars. U.S. crude oil prices are down eight percent on the week while Brent has lost nearly one percent.

Iran vows it will not surrender

Iranian President Masoud Pezeshkian told the U.N. General Assembly on Wednesday that Iran cannot be made to surrender. He said the U.S. has tested Iran's strength and steadfastness.

“They have tested the strength and the steadfastness of Iran and they have learned that Iran cannot be made to surrender.”

Trump signals openness to talks

President Donald Trump said Tuesday that U.S. officials had a very good meeting with Iran's delegation lasting about three hours. Earlier, Trump said he has a big decision over whether to reach a deal with Tehran or annihilate the country.

Iran could reopen key waterway

Reuters reported Tuesday that Iran could reopen the Strait of Hormuz within a week if the U.S. agrees to ease military pressure and lift its blockade of Iranian ports.

Analyst sees limited upside ahead

Paolo Broccardo, chief executive officer at private digital bank BankPro, said oil prices are unlikely to see a huge jump for now. Pakistan's mediation efforts with Tehran could reduce the risk of broader escalation.