Oil prices remain stable as attention focuses on the recovery of Gulf exports and progress in US-Iran diplomacy

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智通财经2026/10/01 07:36

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Oil prices held steady on Thursday, as the resumption of Gulf crude exports and an unexpected rise in US inventories eased supply concerns.
Investors are also assessing the progress of renewed US-Iran diplomatic efforts to end the Middle East conflict.
Brent crude futures rose about 0.6% to $98.67 per barrel, while US West Texas Intermediate crude increased by approximately 0.5% to $90.09 per barrel.
Prices fluctuated significantly during the session, with both major oil benchmarks falling more than 1% at one point before recovering their losses.
Brent’s monthly gain for September is around 14%, the largest since July, while WTI rose about 5% for the month.
According to Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet, the resumption of shipments in the Gulf region, Yanbu terminal resuming exports in Saudi Arabia, and the increase in US inventories have all eased supply concerns, leading to a recent negative bias for oil prices.
Saudi Arabia resumed tanker loading at the Yanbu port on Tuesday after earlier restarting the east-west pipeline.
According to data from the US Energy Information Administration, as of the week ending September 25, US crude inventories increased by about 922,000 barrels to 427.3 million barrels, whereas institutional surveys had expected a decrease of around 264,000 barrels.
Sachdeva said that renewed US-Iran diplomatic engagement could further reduce geopolitical risk premiums, but a breakthrough remains uncertain.
Iran stated on Wednesday that it had received a response from the US to its latest proposal aimed at restoring the broken ceasefire in the Gulf region.
However, Trump denied related reports that cited US officials as saying he was willing to provide sanctions relief and release frozen funds if Iran took concrete steps regarding its nuclear program.
Goldman Sachs estimates that, including “dark exports” involving ships with transponders turned off, Gulf oil exports have recovered to 23.3 million barrels per day over the past week, in line with the 2025 average level.

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Oil prices remain stable as attention focuses on the recovery of Gulf exports and progress in US-Iran diplomacy

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