Crude prices rise nearly 2% amid choppy trade

London: Oil prices were up almost 2% a barrel on Wednesday in choppy trade, as traders evaluated Iranian President Masoud Pezeshkian's vow never to surrender. Brent crude futures rose $1.84, or 1.85%, to $101.09 a barrel by 8:41 PM while West Texas Intermediate futures gained 69 cents, or 0.76%, to $91.21. A reopening of the Strait of Hormuz and lifting of Washington's naval blockade on Iran were discussed during indirect talks on Tuesday, the official said. Earlier on Wednesday, Iran's security chief Mohsen Rezaei had said the Strait of Hormuz would not be reopened while Iran's conditions are not met.