- September 28, 2026
- Posted by: Tresmark
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Oil prices climbed more than 1% on Monday as uncertainty over US-Iran negotiations kept geopolitical tensions elevated and raised concerns over crude supplies from the Middle East.
Brent crude futures gained $1.32, or 1.27%, to $105.64 a barrel, while US West Texas Intermediate (WTI) rose 70 cents, or 0.76%, to $93.11 a barrel.
The increase followed US President Donald Trump's rejection of an Iranian peace proposal aimed at resolving the conflict and facilitating the reopening of the Strait of Hormuz. Trump, however, said further talks between US and Iranian negotiators were expected this week.
Market concerns were also heightened by continued attacks involving Iran and the Iran-backed Houthis. Yemen's Saudi-led coalition said it intercepted two ballistic missiles and two drones launched toward Saudi Arabia.
"Geopolitical risks remain elevated," ANZ analysts said, noting that continued attacks could leave regional oil supply flows vulnerable.
Meanwhile, crude exports from major Middle Eastern producers recovered in September, reaching around 12.8 million barrels per day, their highest level since the conflict began in February, according to preliminary Kpler data.
The increase was supported by higher shipments from Saudi Arabia and the UAE, while oil flows through the Strait of Hormuz also recovered. Shipments through the strategic waterway were expected to reach around 7.4 million barrels per day this month.
Saudi Arabia has also shifted some exports from its Red Sea port of Yanbu to Ras Tanura on the eastern coast following attacks that damaged its East-West pipeline.
Separately, concerns over record US diesel prices have revived debate over possible restrictions on diesel exports. Analysts warned that any such move could tighten fuel supplies in international markets, particularly in Europe.
