International Oil Prices: Vance Says Iran Has Not Accepted Key Demands, WTI Rises 4.6%

▲ The U.S. aircraft carrier USS Abraham Lincoln entering the Persian Gulf

International oil prices surged by more than 4%.

Geopolitical tensions pushed prices higher after U.S. Vice President JD Vance said that Iran had not accepted key demands from the United States in nuclear negotiations.

On the 18th (U.S. Eastern Time) at the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for March delivery jumped $2.86, or 4.59%, to settle at $65.19 per barrel.

In an interview with Fox News the previous evening, Vance said regarding nuclear talks with Iran, “In some ways, the talks were going well and we agreed to meet again later,” but added, “In other ways, it was very clear that the Iranians are not yet willing to seriously accept and address several red lines set by the president.”

Vance emphasized that President Donald Trump retains the authority to use force if diplomatic efforts fail to halt Iran’s nuclear program.

“We have a very powerful military,” he said. “The president has shown a willingness to use it.”

A report by U.S. political outlet Axios also added upward pressure on oil prices.

Axios reported that if the United States were to launch military operations targeting Iran, they would likely be large-scale and last for weeks, resembling a full-fledged war rather than a swift raid such as the operation that captured Venezuelan President Nicolás Maduro.

The U.S. military has already deployed the USS Abraham Lincoln carrier strike group in the Arabian Sea near Iran, and a second carrier strike group has been dispatched to the Middle East.

The oil market believes that a war between the United States and Iran would disrupt global crude supply chains. The Strait of Hormuz near Iran is one of the most critical oil transit routes in the world.

This article is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instrument.