European Investor
24 Sep 2026, 14:29
Brent Crude Climbs Back Above $100 as U.S.-Iran Tensions Revive Supply Concerns
Brent crude futures rose 2.08% to $100.16 a barrel on Thursday as renewed concerns over Middle East supply risks outweighed recent optimism around improving Gulf exports.
Oil prices rebounded after hopes for a quick U.S.-Iran diplomatic breakthrough faded. Talks surrounding the UN General Assembly produced limited progress, while uncertainty remained over the reopening of the Strait of Hormuz, a critical route for global crude shipments. (The National)
The move reverses part of Brent’s recent decline. Earlier this week, prices had fallen below $100 as Saudi Arabia restarted its East-West pipeline and markets anticipated increased exports through the Red Sea, while expectations for U.S.-Iran negotiations reduced the geopolitical risk premium. (FXStreet)
Supply concerns have not disappeared, however. Restrictions around Hormuz remain a major risk, while tight refined-product markets—particularly diesel—are adding support to crude prices. (Kitco)
Near-term direction is likely to remain highly sensitive to developments between Washington and Tehran, shipping flows through Hormuz and the pace of Saudi supply normalization.
Brent crude futures rose 2.08% to $100.16 a barrel on Thursday as renewed concerns over Middle East supply risks outweighed recent optimism around improving Gulf exports.
Oil prices rebounded after hopes for a quick U.S.-Iran diplomatic breakthrough faded. Talks surrounding the UN General Assembly produced limited progress, while uncertainty remained over the reopening of the Strait of Hormuz, a critical route for global crude shipments. (The National)
The move reverses part of Brent’s recent decline. Earlier this week, prices had fallen below $100 as Saudi Arabia restarted its East-West pipeline and markets anticipated increased exports through the Red Sea, while expectations for U.S.-Iran negotiations reduced the geopolitical risk premium. (FXStreet)
Supply concerns have not disappeared, however. Restrictions around Hormuz remain a major risk, while tight refined-product markets—particularly diesel—are adding support to crude prices. (Kitco)
Near-term direction is likely to remain highly sensitive to developments between Washington and Tehran, shipping flows through Hormuz and the pace of Saudi supply normalization.
