WASHINGTON (dpa-AFX) - Crude oil prices have given back some ground after skyrocketing early in the session but remain sharply higher during trading on Thursday.
After soaring by $4.62 or 5 percent to a high of $96.78 a barrel, crude for November delivery was last seen trading at $94.74 a barrel, up $2.58 or 2.8 percent.
The price of crude oil extended yesterday's surge early in the session as traders looked for signs of progress in talks between the U.S. and Iran after optimism about an end to the prolonged Middle East conflict contributed to a sharp pullback by crude oil prices early in the week.
Crude oil prices added to yesterday's 2.6 percent jump following conflicting speeches by President Donald Trump and Iranian President Masoud Pezeshkian at the UN General Assembly.
Trump threatened to 'annihilate' Iran in his remarks, while Pezeshkian condemned what he called 'signs of a bullying mentality' from the U.S. and said that Iran would never surrender.
The price of crude oil pulled back well off its highs following a report U.S. and Iranian negotiators are discussing a phased deal to end the conflict.
A senior Iranian official told Reuters said Tehran is reviewing Washington's response to its peace proposals, which prioritize lifting the U.S. naval blockade on Iranian ports and reopening the Strait of Hormuz.
Selling pressure has waned since then, however, as traders may be growing tired of reports of a potential deal and awaiting more concrete developments.
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