Brent Crude Heads for 7% Monthly Gain

2026-09-30 09:35 By Agna Gabriel 1 min. read

Brent crude rose back toward $97 a barrel on Wednesday and was heading for a monthly gain of more than 7% as uncertainty over US-Iran negotiations continued to support prices.

Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal concerning the reopening of the Strait of Hormuz, following the submission of Iran’s own conditions last week.

Despite the diplomatic uncertainty, Middle East crude supplies have recovered close to pre-war levels.

Saudi Arabia has restarted shipments from Yanbu after restoring operations on its East-West pipeline, which provides an alternative route around Hormuz.

The 10-day average of Middle East crude exports is estimated at 17.5 million barrels a day, equivalent to 98% of pre-war volumes.

In the US, API data showed crude and gasoline inventories increased last week, while distillate stocks declined.

Official EIA figures were due later Wednesday, with analysts expecting overall crude and product inventories to have fallen.



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Brent Crude Heads for 7% Monthly Gain
Brent crude rose back toward $97 a barrel on Wednesday and was heading for a monthly gain of more than 7% as uncertainty over US-Iran negotiations continued to support prices. Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal concerning the reopening of the Strait of Hormuz, following the submission of Iran’s own conditions last week. Despite the diplomatic uncertainty, Middle East crude supplies have recovered close to pre-war levels. Saudi Arabia has restarted shipments from Yanbu after restoring operations on its East-West pipeline, which provides an alternative route around Hormuz. The 10-day average of Middle East crude exports is estimated at 17.5 million barrels a day, equivalent to 98% of pre-war volumes. In the US, API data showed crude and gasoline inventories increased last week, while distillate stocks declined. Official EIA figures were due later Wednesday, with analysts expecting overall crude and product inventories to have fallen.
2026-09-30
Brent Extends Losses as Supply Concerns Ease
Brent crude fell below $96 per barrel on Wednesday, extending losses from the previous session as signs of improving energy flows from the Middle East and another major release of emergency reserves in the US helped ease supply concerns. Analysts noted that the 10-day average of crude exports from the Middle East has recovered to 17.5 million barrels per day, equivalent to 98% of pre-war levels. This comes as Saudi Arabia resumed crude exports through its East-West pipeline at around half of its capacity, while a steady flow of oil via covert shipping continues through the Strait of Hormuz. In the US, the government plans to release up to 40 million barrels from the SPR as the country deals with soaring fuel prices. Industry data also indicated that US crude inventories increased by 1 million barrels last week. Still, Brent remains on track for both a monthly and quarterly gain due to the prolonged US-Iran conflict and ongoing supply disruptions.
2026-09-29
Brent Crude Drops as US SPR Release Boosts Supply
Brent crude fell near $102 a barrel on Tuesday after the US ordered another release from its emergency reserves and as Saudi Arabia’s crude exports recover. The US will offer up to 40 million barrels from the SPR in an exchange, and urged European nations to do likewise. The Energy Department said the program will ultimately return about 200 million barrels to the reserve over the next year, roughly 20% more than the amount released. Bids for the SPR release are due October 6th. Energy Secretary Wright has signaled that another drawdown is unlikely. The SPR is projected to fall to its lowest level since 1982 once the latest release is completed. Meanwhile, Saudi Arabia boosted flows through its key pipeline, reportedly restoring about half of its capacity following drone attacks. A steady flow of crude also appears to be moving through the Hormuz on vessels transiting covertly. US and Iranian officials have reportedly held separate indirect talks with mediators on Monday.
2026-09-29