Oil Prices Rise 1% as Iran Vows to Keep Enriched Nuclear Material Within Its Borders

Oil prices climbed roughly 1% following televised remarks by Iranian security chief Mohsen Rezaei, who stated that Iran would not permit any enriched nuclear material to be removed from the country. Brent futures settled $1.27 higher at $92.76, while US West Texas Intermediate crude increased by 49 cents to $86.53. The price movement lifted the market off two-month lows recorded during the previous session, when prices had initially dropped by more than $3 a barrel after US officials downplayed the necessity for additional military strikes against Iran.

Nuclear Material and Security Stance

Rezaei told Lebanon's Al Mayadeen TV that Tehran needs its enriched material to design ships and submarines operating on nuclear energy, adding that Moscow has been informed the material will stay in Iran for domestic use. He warned of consequences should new US strikes occur, stating that attacks would be met by targeting distant American bases, including European installations used for operations against Iran. According to Rezaei, there are currently no ongoing negotiations between Tehran and Washington. Meanwhile, the IAEA previously estimated that Iran held 440.9 kg of uranium enriched to 60% when nuclear facilities were attacked by Israel and the US in June 2025.

Global Market Impacts and Shipping Risks

Analysts noted that oil prices found support as hopes for an immediate de-escalation faded. Despite increased OPEC production in October, supply worries persisted due to ongoing shipping disruptions in the Strait of Hormuz, where data indicated 37 ships were attacked during the month. Market observers highlighted that operational risks and logistical hurdles such as mine clearance and insurance costs mean shipping activity may not normalize right away even if political agreements are reached.