Oil Prices Tumble Amid Hopes for US-Iran Truce
Oil prices took a hit on Friday, September 25, 2026, as markets weighed the possibility of a truce between the United States and Iran against concerns that Houthi attacks on Saudi Arabia could disrupt supply from the key Middle Eastern producer.
Brent was down $1.47, or 1.4%, at $105.11 a barrel, while West Texas Intermediate (WTI) was down $2, or 2.1%, at $92.61 a barrel.
US and Iranian negotiators are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said this week.
Iranian President Masoud Pezeshkian said it was up to the US to choose when the Iran war will end. Since the war began at the end of February 2026, around a fifth of the world's oil and gas shipments have been curtailed.