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Commodities

Iran Tensions Fuel Record Oil Price Surge

Guavy AI Editorial Team
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Oil
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Oil prices surged in September as tensions between the US and Iran continued to rise. The Brent Crude index rose by 14% for the month, marking its largest monthly gain since July.

The impasse in US-Iran negotiations remains a key factor underpinning oil prices. President Donald Trump denied reports that Washington might ease sanctions on Iran and release frozen Iranian funds in exchange for Tehran taking 'concrete' steps on its nuclear program.

Crude supply is gradually recovering, but refined product shortages continue to keep the energy market tight. US refined product inventories declined by 1.7 million barrels for gasoline and 2.3 million barrels for distillates, including diesel and heating oil.

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