Oil Prices Rise Amid Conflicting Signals on US-Iran Talks

MT newswire2026/09/28 16:06

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12:06 PM EDT, 09/28/2026 (MT Newswires) -- Crude prices were rising Monday as markets evaluated conflicting signals on the status of US-Iran talks. West Texas Intermediate crude was last seen up 3.1% at $95.30 a barrel, off the session high of $96.54. Brent was 3% higher at $107.48 after reaching as high as $108.83 earlier in the day. WTI has increased 11% this month, while Brent has jumped 13%. Both recorded gains in August and July. US President Donald Trump told reporters on Saturday that he rejected a proposal made by Iran, according to CNBC. That came after The Wall Street Journal reported Friday that Trump had turned down Tehran's offer and informed his administration of plans to resume attacks on the country after the midterm elections in November. In a separate interview with Axios on Sunday, Trump said he expects his negotiating team to engage further with Iran this week. "They want to make a deal, but it is not the deal that I want to make," Trump said, according to Axios. "It is what we would have maybe agreed to a year ago. They overplayed their hand." "The path back to talks remains highly uncertain, with Trump saying Iran had overplayed its hand," Saxo Bank said in a Monday report. Last week, US and Iranian negotiators were reportedly in discussions about a phased path out of their conflict, with Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran. Trump's rejection could reinforce inflation and higher-for-longer interest rate concerns, Saxo Bank said. Earlier this month, the US Federal Reserve raised its benchmark lending rate for the first time since July 2023 and signaled another hike later this year. Last month, the US Treasury Department launched an economic campaign to cut off financial channels that support Iran. Meanwhile, Saudi Arabia has resumed exporting oil using its East-West pipeline after repairing damage from drone strikes by Yemen's Iran-aligned Houthi rebels, Bloomberg News reported Monday, citing a person with direct knowledge of the matter. The Saudi-backed Coalition to Support Legitimacy in Yemen intercepted projected missiles and drones from the Houthis over the weekend, Colonel Turki Al-Maliki, the coalition's official spokesman, said in a series of posts on X.

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According to Nikkei News, Saudi Arabia and the United Arab Emirates will help Asia build up its oil reserves. Despite being dependent on imports, the region has not maintained adequate supplies. Led by Japan, the Asian Zero Emission Community, comprising 11 countries, will hold a ministerial meeting in the Philippines this Thursday. Senior government officials from Saudi Arabia and the UAE will participate in special consultations and are expected to express their intention to cooperate on oil reserves. On October 11, the International Energy Forum will be held in Saudi Arabia. This forum serves as a ministerial-level dialogue between oil-producing and importing countries. Japan is expected to participate and share a cooperation framework with Asia. The outcomes of the Asian Zero Emission Community meeting will be compiled into a joint statement, which will serve as the basis for discussions between member states and Middle Eastern oil-producing countries on strengthening oil reserves. Bilateral talks will follow to finalize the details and scale of such efforts. It is expected that Saudi Arabia and the UAE will expand exports to target countries and prioritize supply in emergencies.

智通财经•2026/10/04 17:26

Saudi Arabia and the UAE plan to expand their crude oil reserves in Asia

Market dynamics indicate that Saudi Arabia and the United Arab Emirates plan to expand their crude oil reserves in Asia. This move reflects the continued optimism of these two major oil-producing countries regarding the potential demand in the Asian energy market, and it will further strengthen the stability of oil supply in the region, thereby contributing to the improvement of the regional energy security system.

智通财经•2026/10/04 17:16

Four attacks occurred in the Strait of Hormuz from October 1 to 4

The UK Maritime Trade Operations office announced on Sunday that four attacks occurred in the Strait of Hormuz between October 1 and 4. All incidents took place on the Omani side of the strait, with each vessel hit by unidentified projectiles. The Strait of Hormuz, as one of the world's most vital oil transit routes, handles nearly one-third of the world's seaborne crude oil trade. Attacks in this area often have a direct impact on the stability of international energy markets. So far, no party has claimed responsibility for these attacks, and the subsequent developments remain to be observed.

智通财经•2026/10/04 15:46

Wright says energy supply through the Strait of Hormuz continues to increase

U.S. Secretary of Energy, Wright: Energy supplies shipped through the Strait of Hormuz continue to increase.

智通财经•2026/10/04 14:56