Oil gains as stalled US-Iran talks trump supply recovery
USO•Oil prices rose as US-Iran talks stalled, with Brent on track for a roughly 14% monthly gain and WTI for about 4%. Gulf oil exports recovered to 23.3 million barrels per day over the last week, Goldman Sachs estimated.
1. Prices rise
Brent’s November futures contract was up 57 cents, or 0.6%, to $103.16 a barrel, while the more active December contract gained 94 cents to $97.10. US West Texas Intermediate crude rose 82 cents, or 0.9%, to $90.20. The Brent contract was headed for its biggest monthly climb since July.
2. Talks and supply
Oil rose as US-Iran talks aimed at ending their war stalled, while tight fuel markets continued to support prices despite recovering Middle East crude supplies. Goldman Sachs estimated Gulf oil exports had recovered to 23.3 million barrels per day over the last week, in line with their 2025 average. Saudi Arabia resumed tanker loadings from Yanbu after restarting operations on its East-West Pipeline.
3. Diesel and inventories
The White House urged the European Union to draw down emergency diesel inventories to lower global prices, two people familiar with the effort said. Trump was considering allowing sales of red-dyed diesel instead of an export ban. US crude and gasoline inventories rose while distillate stocks fell last week, according to market sources citing American Petroleum Institute data; official US inventory data was due later Wednesday.
