Oil prices rise by about $1 a barrel on stalled US-Iran talks and tight fuel markets
USO•Oil prices rose about $1 a barrel on Wednesday as stalled US-Iran talks and falling US fuel inventories supported prices. Brent gained about 14% in September, its biggest monthly rise since July, while WTI rose about 5%.
1. Prices climb in September
Brent’s November contract settled up 91 cents, or 0.9%, at $103.50 a barrel, while the more active December contract gained $1.87, or 1.9%, to $98.03. US West Texas Intermediate settled up $1.04, or 1.2%, at $90.42. Brent rose around 14% for the month, its biggest gain since July; WTI added about 5%.
2. Supply and inventory trends
Goldman Sachs estimated Gulf oil exports recovered to 23.3 million barrels per day over the past week, in line with their 2025 average. US gasoline inventories fell 1.7 million barrels to 204.4 million, and distillate stocks dropped 2.3 million barrels to 105.2 million, while crude inventories rose 922,000 barrels to 427.3 million, the Energy Information Administration said.
3. Talks and policy concerns
Prices were supported by stalled US-Iran peace talks and tightening US fuel markets. OPEC+ producers are likely to keep November production targets steady, two people familiar with the matter said. The White House has urged the European Union to draw down emergency diesel inventories, while President Donald Trump is considering allowing sales of red-dyed diesel instead of imposing an export ban.
