Oil steadies as Gulf exports recover, US-Iran diplomacy in focus
USO•Brent rose 0.6% to $98.67 a barrel and WTI gained 0.5% to $90.09 as Gulf exports recovered and US crude inventories unexpectedly increased by 922,000 barrels. Investors assessed renewed US-Iran diplomatic efforts.
1. Prices recover losses
Oil prices held firm Thursday after both benchmarks fell more than 1% during the session before recovering. Brent gained around 14% in September, its biggest monthly increase since July, while WTI rose about 5%.
2. Supply concerns ease
US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, compared with expectations for a 264,000-barrel draw. Gulf oil exports, including shipments from Saudi Arabia through Yanbu, have recovered; Goldman Sachs estimated they reached 23.3 million barrels per day over the past week, in line with their 2025 average.
3. Diplomacy and OPEC+
Iran said it had received a US response to its latest proposal to revive the collapsed Gulf ceasefire. Donald Trump denied reports that he was willing to offer Iran sanctions relief and release frozen funds in return for concrete nuclear-program steps. OPEC+ producers are likely to keep November production targets steady, two people with knowledge of the matter said.
