Oil jumps more than 3% after Iran's supreme leader says uranium must stay in country
Brent crude rose more than 3% on Thursday to above $102 a barrel after Ayatollah Khamenei said Iran's enriched uranium must remain within the country, dampening hopes of a near-term deal with the United States and reviving Hormuz supply fears.
Oil prices jumped sharply after Iran's supreme leader Ayatollah Ali Khamenei used a televised address in Tehran to insist that the country's enriched uranium stockpiles must remain inside Iran. Brent crude rose more than 3% on Thursday to trade above $102 a barrel, while West Texas Intermediate climbed about 3% to near $98.
The speech landed just as President Donald Trump told reporters he could 'wait a few days' before deciding on further military action, leaving the diplomatic track open but fragile. Traders said the remarks reignited fears around the Strait of Hormuz, which handles about 20 million barrels of crude a day. Refiners in China and India have already trimmed Gulf cargoes and switched toward Atlantic basin grades.
Analysts at Goldman Sachs and JPMorgan said Brent could test $115-$120 a barrel by year-end if talks stall, while a credible diplomatic path could drag prices back below $90. Emerging-market currencies tied to energy imports, including the Turkish lira and Indian rupee, weakened again against the dollar on Thursday.
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