BREAKING: Oil Holds Above $100 as US–Iran Talks Show Little Progress
September 24, 2026 | Global Energy Markets
LONDON — Global oil prices moved higher on Thursday as diplomatic efforts between the United States and Iran showed limited progress, keeping markets focused on the risk of continued disruption to crude supplies and shipping routes.
At around 1200 GMT, Brent crude futures were trading at approximately $104.71 per barrel, up $1.63, or 1.58%, while West Texas Intermediate (WTI) crude was around $93.53 per barrel, up $1.34, or 1.49%. Brent had earlier reached approximately $106.50 per barrel during the session.
US–Iran Diplomacy Remains Uncertain
The oil market continues to closely monitor diplomatic contacts between Washington and Tehran. Iranian officials have indicated that Tehran is reviewing the U.S. response to its proposals, while the two sides remain divided over the conditions for ending the conflict.
Among the issues under discussion is the future of the Strait of Hormuz, a critical maritime route for global energy trade. Iranian proposals have included reopening the waterway and lifting the U.S. naval blockade on Iranian ports as part of a broader diplomatic framework.
The lack of a clear diplomatic breakthrough has maintained a geopolitical risk premium in international crude prices.
Diesel Supply Adds Further Market Pressure
Oil traders are also watching uncertainty surrounding a possible U.S. restriction on diesel exports. The White House has denied reports of a planned 90-day diesel export ban, while market participants continue to assess the potential consequences of any future restrictions.
U.S. Energy Information Administration data showed that U.S. distillate inventories, including diesel and heating oil, fell by approximately 428,000 barrels to 107.4 million barrels last week. Meanwhile, U.S. crude inventories increased by about 3 million barrels to 426.4 million barrels.
Impact on Global Petroleum Trade
The combination of geopolitical uncertainty, disruptions around major energy routes and tight refined-product markets is keeping international petroleum markets highly sensitive to developments in the Middle East.
For physical petroleum traders, movements in crude prices can affect diesel, jet fuel, gasoline, freight, insurance and delivered CIF pricing across international markets.
Market participants will continue watching developments between Washington and Tehran, the status of the Strait of Hormuz and any further announcements concerning U.S. diesel exports.
UrbanPetro Market Watch
Brent Crude: ~$104.71/bbl
WTI Crude: ~$93.53/bbl
Brent intraday high: ~$106.50/bbl
Market focus: US–Iran diplomacy, Strait of Hormuz, diesel exports and global refined-product supply.
Market prices are indicative and can change throughout the trading session.
Source: Reuters reporting, September 24, 2026.