Risks of further escalation in the Middle East are mounting, pushing international oil prices steadily higher.

On September 24, Iran's semi-official Fars News Agency reported that Yahya Rahim Safavi, an adviser to Iran's Supreme Leader, said the current conflict has already spread from the Persian Gulf and the Strait of Hormuz to the Red Sea, and that if the situation escalates further, the scope of potential operations in the next phase could extend to the Indian Ocean and other regions.

Safavi stated that if Iran's important targets and interests come under attack again, the conflict could expand further. He also said that if the United States launches new military operations, the Red Sea and the Bab-el-Mandeb Strait could become new theaters of operation.

Amid these remarks, the international crude oil market has continued to strengthen, with Brent crude once again climbing above $100 per barrel, as the market keeps a close watch on the potential impact of escalating Middle East tensions on crude supply and shipping lanes.

Earlier, Iran had also sent tough signals. According to Xinhua, Iranian President Masoud Pezeshkian said during the general debate of the United Nations General Assembly on the 23rd that Iran "will never bow its head and will not kneel in surrender," and called on all countries to work together to achieve peace.

Pezeshkian said Iran does not seek to possess nuclear weapons and will not accept restrictions on its civilian nuclear program. He reiterated that Iran is willing to coexist amicably with its regional neighbors, and that regional issues must be resolved by regional countries within the region, and cannot be left to outside forces to interfere.

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