Crude Oil Skyrockets Amid Renewed Iran Concerns

(RTTNews) - Crude oil prices have skyrocketed on Wednesday, regaining ground following the slump that was seen last week and extended into Tuesday.

After sliding $0.59 or 0.9 percent to a two-month closing low of $62.33 a barrel in the previous session, crude for March delivery has soared $2.73 or 4.4 percent to $64.99 a barrel.

The spike by the price of crude oil came after Vice President JD Vance said Iran failed to address core U.S. demands in nuclear talks earlier this week.

"In some ways it went well, they agreed to meet afterwards," Vance told Fox News. "But in other ways it is very clear that the president has set some red lines that the Iranians are not yet willing to actually acknowledge and work through."

Vance also said President Donald Trump reserves the right to use military force if diplomacy fails, noting, "We do have a very powerful military — the president has shown a willingness to use it."

Crude oil prices decreased on Tuesday, after the semiofficial Tansim news agency reported Iranian Foreign Minister Abbas Araqchi said a "general agreement" has been reached on guiding principles in the second round of indirect negotiations with the U.S.

Araqchi described the talks as more constructive than the previous round in remarks after the conclusion of the second round of indirect talks, held at the Omani embassy in Geneva on Tuesday.

Meanwhile, Russian and Ukrainian delegations have ended the first day of U.S.-brokered peace talks in Geneva, with Ukrainian President Volodymyr Zelenskyy describing the discussions as "difficult."