Oil slid 2% on US–Iran truce talks and prospective US fuel export curbs
Global crude futures fell roughly 2% on Friday, pressured by hopes of a phased US–Iran diplomatic agreement and speculation over potential US diesel export curbs, ending a volatile week marked by a sharply widening Brent–WTI spread.
Global crude futures fell roughly 2% on Friday, pressured by hopes of a phased US–Iran diplomatic agreement and speculation over potential US diesel export curbs, ending a volatile week marked by a sharply widening Brent–WTI spread.
|
BENCHMARK |
SETTLE (US$/BBL) |
CHANGE (US$) |
CHANGE (%) |
TREND |
|
Brent ICE, front-month |
104.32 |
-2.28 |
-2.1% |
▼ DOWN |
|
WTI NYMEX, front-month |
92.41 |
-2.20 |
-2.3% |
▼ DOWN |
|
Settlement prices for Friday, 25 September 2026. Change versus previous settlement. |
||||
|
BRENT Rose less than 1% for the week |
WTI Plunged nearly 8% for the week |
Selling pressure accelerated after reports revealed US and Iranian negotiators in New York are exploring a phased framework to reopen the Strait of Hormuz in exchange for lifting Washington's economic blockade. Logistical sentiment was supported by steady waterborne flows, with weekly Hormuz crude shipments reaching 33.7 million barrels.
WTI lagged Brent as speculation regarding a potential 90-day US diesel export ban sparked fears that stranded domestic fuels would force US refiners to trim crude throughput, dragging US gasoline futures down 4%.
However, losses were cushioned by ongoing Houthi strikes on Saudi Arabia and a drone attack that temporarily idled Russia’s Novoshakhtinsk refinery, maintaining an elevated floor under refined product cracks and sustaining continuous feedstock cost-push pressure on petrochemical crackers.
Written by: Aiman Haikal