Iran War Updates: Oil prices back up as U.S. and Iran trade fresh threats to expand 7-month war

Live updates

1. 2h ago

   Oil Prices Rise Amid U.S.-Iran Threats

   Oil prices have climbed past $106 per barrel as the seven-month war between the United States and Iran shows fresh signs of escalation. Markets are reacting to a mix of renewed threats and stalling diplomacy at the United Nations, even as conflicting signals emerge over potential negotiations. The Iranian president warned that Tehran will not bow to the United States following annihilation threats from President Trump. Meanwhile, traders are weighing the possibility of prolonged supply disruptions against various diplomatic proposals, including a reported seven-day plan to reopen the Strait of Hormuz.

   Why it matters

   The ongoing conflict between the United States and Iran has severely disrupted global energy markets, creating persistent volatility in oil prices. The Strait of Hormuz remains a critical chokepoint for international crude shipments, making any military escalation or diplomatic stall an immediate driver of market anxiety. Both nations are navigating domestic political pressures, with the upcoming November midterm elections providing a potential timeline for diplomatic maneuvering.

   What is confirmed

   • Oil prices rose above $106 as Iran-U.S. diplomacy stalled at the United Nations.
   • The United States and Iran held their first talks since June following threats from President Trump.
   • The Iranian president warned that Tehran will not bow to the United States.
   • Iran's president stated that Tehran wants a deal with the U.S. before November's midterm elections and put a seven-day plan on the table to reopen the Strait of Hormuz.

   Still unconfirmed

   • The White House is considering a diesel export ban.
   • The United States is negotiating a Hormuz deal with Iran.
   • Houthis claimed a strike on Saudi Arabia.

   What to watch next

   • Progress or failure in U.S.-Iran diplomatic talks regarding the Strait of Hormuz
   • Any official White House decision on a diesel export ban
   • Market response to Iran's proposed seven-day plan to reopen the Strait of Hormuz ahead of November midterm elections
   Sources used for this update (14)

   1. Yahoo Finance — Stock market today: Nasdaq, Dow and S&P 500 little changed as AI trade powers market
   2. NBC News — Oil prices tumble to 2-week low on hopes for critical pipeline reopening and Iran diplomacy
   3. Financial Times — Oil price on track for longest losing streak in more than 12 months
   4. cbsnews.com — Iran War Updates: U.S. and Iran hold first talks since June after Trump threatens regime with annihilation
   5. Reuters — Oil prices fall as Iran says it is open to diplomacy to end the war
   6. Bloomberg.com — Oil Extends Advance on Renewed Tensions Between the US and Iran
   7. WSJ — Oil Prices Fall After U.S. Crude Stocks Rise
   8. CNBC — Oil prices rise as investors seek progress on U.S.-Iran talks
   9. wsj.com — Oil Strengthens as Traders See Prolonged Disruption
   10. qz.com — Oil prices rise above $106 as Iran-U.S. diplomacy stalls at UN
   11. finance.yahoo.com — Oil prices rise as Iranian president warns Tehran won't bow to US, White House considers diesel export ban
   12. Yahoo Finance — Oil prices swing as Houthis claim strike on Saudi Arabia, US said to be negotiating Hormuz deal with Iran
   confidence 90%