Global oil prices surged on Wednesday, with Brent crude climbing above $95 per barrel, after the United States said Iran was “not serious” about peace negotiations, raising fresh concerns over escalating tensions in the Middle East.

The latest rally came as hopes for a diplomatic breakthrough faded, prompting traders to price in a higher geopolitical risk premium amid fears that any further escalation could disrupt oil supplies from the region.

Adding to the tensions, Iranian Foreign Ministry spokesperson Esmaeil Baqaei accused Washington of repeatedly targeting and threatening Iran’s nuclear facilities, calling the actions a violation of the UN Charter, international law, and multiple resolutions of the International Atomic Energy Agency (IAEA) and the UN Security Council.

Baqaei said Iran’s nuclear program remains fully declared to the IAEA under its safeguards obligations and dismissed U.S. claims regarding the Kolang Kouh site as a “fabricated pretext” for military aggression and sabotage.

He also criticized the IAEA’s leadership for remaining silent over recent developments and said the Iranian people were prepared to respond to any U.S. action that threatens the country’s sovereignty or national security.

The renewed war of words between Washington and Tehran intensified concerns over stability in the Middle East, home to roughly one-third of the world’s seaborne crude exports. The growing uncertainty pushed Brent crude above the key $95 per barrel level as investors assessed the risk of potential supply disruptions.