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Commodities

Oil Prices Rally on Iran Uncertainty Despite Saudi Pipeline Return

Guavy AI Editorial Team
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Oil
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Oil prices continued their upward trend on September 28, 2026, as uncertainty over US-Iran talks weighed against strong demand and a resumption of pipeline flows from top exporter Saudi Arabia.

The West Texas Intermediate (WTI) crude oil price advanced above $93 per barrel after rising in the previous session, while Brent closed near $105. The uptick in prices follows a day earlier when WTI ticked higher.

Iranian officials have expressed private pessimism about reaching a deal to end hostilities with Washington and reopen the Strait of Hormuz before US midterm elections in November. This comes after US President Donald Trump rejected a proposal to reopen the waterway within seven days.

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