OIL: Crude Rises to Daily Highs Amid Hardline Iranian Rhetoric

Crude rises to daily highs with optimism around US-Iran diplomatic progress filtering out of the market following comments by Iran's General Rezaii. * Rezaii: "If the United States does not comply with the seven conditions set by Iran, neither the Strait of Hormuz will be opened, nor will we engage in negotiations Iran has not been in a hurry to negotiate; today, Iran's conditions have been compiled and are currently in the hands of the Qatari and Pakistani parties." * Rezaii also noted that cooperation with recent US sanctions against Iranian air travel would mean neighbouring countries airports 'will not be able to function.' * The escalation in rhetoric and the reiteration of Iran's seven conditions (which include the unfreezing of assets, alongside the removal of the US blockade - in line with the MoU) have dampened optimism around a diplomatic breakthrough between the US and Iran. * Iran's conditions have not been acceptable to the US in the past, and don't appear to have meaningfully changed based upon Rezaii's comments. * Brent NOV 26 up 2.3% at 101.49$/bbl * WTI NOV 26 up 1.7% at 92.09$/bbl