Global oil prices rose on Tuesday, September 22, 2026, ending a five-day losing streak, after Iranian President Masoud Pezeshkian told the United Nations General Assembly that Tehran would not bow to Washington, dampening hopes among investors that a quick resolution to the ongoing conflict was within reach, according to CNBC.

Brent crude, the international benchmark, climbed 3.9 per cent to close at $103.08 a barrel, while US West Texas Intermediate advanced 1.8 per cent to settle at $92.16, CNBC reported. Despite the rebound, US crude remained down roughly eight per cent for the week ending September 22, with Brent down nearly one per cent over the same period.

Addressing world leaders in New York on September 22, Pezeshkian said Iran "cannot be made to surrender," according to remarks carried by CNBC. He said Tehran remained open to dialogue and diplomacy but would not negotiate under duress, while also rejecting any restrictions on Iran's civilian nuclear programme and reiterating opposition to a US military presence in the Middle East.

The remarks came even as US President Donald Trump, also speaking in New York that day, described a separate meeting with Iranian envoys as "very productive," Bloomberg reported, signalling that diplomatic channels remained open despite his own tougher rhetoric at the UN, where he floated the possibility of further military action against Tehran.

Markets had spent the week leading up to September 22 pricing in cautious optimism, with Brent sliding for six consecutive sessions — from around September 16 through September 21 — to roughly $99 a barrel amid signs of progress in renewed talks, according to Bloomberg. Tuesday's reversal suggests that optimism may have been premature.

Supply-side developments offered some counterweight to the price gains. Saudi Arabia said in the same week it was preparing to partially restart its East-West pipeline, which can carry up to seven million barrels a day, after drone attacks forced its shutdown earlier in September, Trading Economics reported. US crude inventories also rose by 2.969 million barrels in the week ending September 19, well above analyst expectations, according to data released by the US Energy Information Administration on September 23.