Brent crude prices rose by approximately 2% on September 24, reaching $105.11 per barrel. This increase follows a 3.86% surge in the previous session, when the price settled at $103.08, effectively reversing a brief decline below the $100 threshold.
The market reaction stems from a lack of progress in US-Iran diplomatic talks held during the UN General Assembly. On September 22, indirect negotiations mediated by Qatar initially led to a temporary price drop, but sentiment shifted after Iranian President Masoud Pezeshkian delivered an uncompromising speech on September 23.
The Strait of Hormuz remains closed, which constitutes an active supply disruption as the channel typically handles one-fifth of global oil shipments. Iran has conditioned the reopening of the 21-mile-wide passage on the removal of US naval blockades and sanctions.
The ongoing conflict between the US and Iran began in February 2026. In addition to geopolitical tensions, market participants are monitoring US crude inventories, which increased by 3 million barrels to a total of 426.4 million, alongside potential new US restrictions on diesel exports.
