Oil prices surged more than 2% on Thursday as renewed geopolitical tensions between the U.S. and Iran intensified.
Ayatollah Ali Khamenei, Iran's supreme leader, declared that the country's enriched uranium will not be exported, a move expected to complicate ongoing peace talks and raise concerns over regional stability.
The statement, coupled with U.S. President Donald Trump's recent pause in military actions against Iran, has triggered a sharp repricing in energy markets.
Brent crude climbed to a session high of $84.30 per barrel, while U.S. West Texas Intermediate (WTI) crude also saw a notable increase.
The energy-market reaction reflects heightened fears of supply disruptions in the Gulf, a critical hub for global oil exports.
Beyond oil, other commodities such as uranium and seafood are also showing signs of volatility, as traders factor in the potential for broader economic ripple effects.