Oil Extends Gains Amid Geopolitical Uncertainty

2026-09-23 18:37 By Isabela Couto 1 min. read

Crude oil rose above $92.5 a barrel on Wednesday after five consecutive sessions of losses, as uncertainty persisted over progress in US-Iran talks.

Iran’s President Masoud Pezeshkian said at the UN General Assembly that Tehran remained open to diplomacy but would not negotiate under pressure, while Iran’s military warned it was ready to launch “more crushing” strikes in response to Trump's threats to annihilate Iran earlier this week in his UN adress.

Trump’s threats were followed by what he described as productive talks with Iranian envoys, while Tehran has indicated it could reopen the strait if Washington eases military pressure and lifts restrictions on Iranian ports.

Saudi Arabia’s partial restoration of its East-West pipeline is helping offset some supply concerns.

Also, Ukrainian President Zelenskyy called on US President Trump to organize a trilateral meeting with Russian President Putin.

Zelenskyy also said that the he and Trump discussed an energy ceasefire.



News Stream
Oil Extends Gains Amid Geopolitical Uncertainty
Crude oil rose above $92.5 a barrel on Wednesday after five consecutive sessions of losses, as uncertainty persisted over progress in US-Iran talks. Iran’s President Masoud Pezeshkian said at the UN General Assembly that Tehran remained open to diplomacy but would not negotiate under pressure, while Iran’s military warned it was ready to launch “more crushing” strikes in response to Trump's threats to annihilate Iran earlier this week in his UN adress. Trump’s threats were followed by what he described as productive talks with Iranian envoys, while Tehran has indicated it could reopen the strait if Washington eases military pressure and lifts restrictions on Iranian ports. Saudi Arabia’s partial restoration of its East-West pipeline is helping offset some supply concerns. Also, Ukrainian President Zelenskyy called on US President Trump to organize a trilateral meeting with Russian President Putin. Zelenskyy also said that the he and Trump discussed an energy ceasefire.
2026-09-23
Crude Oil Snaps 5-Day Losing Streak
Crude oil rose above $92 a barrel on Wednesday after five consecutive sessions of losses, as uncertainty persisted over whether a formal agreement to reopen the Strait of Hormuz was possible. Iran’s President Pezeshkian used his address to the UN General Assembly to reject restrictions on Iran’s civilian nuclear program and reiterate Tehran’s opposition to a US military presence in the Middle East. He also said Iran remained open to dialogue and diplomacy but would not accept negotiations under pressure. Meanwhile, Saudi Arabia is preparing to restart exports through its East-West pipeline in the coming days. On the supply side, US crude inventories rose by 2.969 million barrels to 426.4 million barrels last week, according to the EIA, compared with expectations for a 641,000-barrel draw. The increase exceeded the 1.8-million-barrel build reported by the API, while gasoline and distillate stocks declined.
2026-09-23
Crude Oil Fluctuates After 5-Session Losing Streak
Crude oil fluctuated around $90 a barrel on Wednesday, after five consecutive sessions of losses, as markets assessed efforts to restore oil flows disrupted by the conflict in the Middle East. Saudi Arabia is preparing to restart exports through its critical East-West pipeline in the coming days, potentially allowing the kingdom to bypass the contested Strait of Hormuz and increase outbound shipments. At the same time, US President Donald Trump said American officials had held a “very productive” meeting with Iranian envoys and indicated that further talks were planned, despite his tough rhetoric toward Tehran during a United Nations speech. Meanwhile, the API reported a 1.8-million-barrel increase in nationwide crude stockpiles, while gasoline and distillate inventories declined. Investors are now awaiting official US Energy Information Administration data later Wednesday for further indications of supply and demand conditions.
2026-09-23