Oil rises by about 2% amid escalating rhetoric between Washington and Tehran.

Oil prices rose by about 2% on Wednesday evening following statements by Iranian President Masoud Bezhkishian regarding Iran's unwillingness to succumb to U.S. pressures, amid ongoing tension between Tehran and Washington.

Brent crude futures increased by $1.84, or 1.85%, reaching $101.09 per barrel.

U.S. West Texas Intermediate crude futures also rose by 69 cents, or 0.76%, to $91.21 per barrel.

U.S. diesel futures fell by more than 5% after Politico reported that the Trump administration is preparing a plan to ban diesel exports for 90 days.

Iranian President Masoud Bezhkishian confirmed in a speech before the United Nations General Assembly in New York that his country will not surrender to the United States, but still believes in diplomatic solutions.

His remarks came a day after U.S. President Donald Trump warned of the possibility of "destroying" Iran in his speech to the United Nations General Assembly.