Dubai – Business News Report|| Oil prices rose during Thursday trading sessions on September 24, 2026, marking the second consecutive day of gains amid growing concerns about persistent supply shortages. Markets initially opened lower following Iran’s statement that it remains open to diplomacy to end the war between the United States and Iran, despite both nations still being far from reaching an agreement.
Geopolitical Tensions Drive Market Volatility
An Iranian official stated that Tehran and Washington remain divided on how to end their conflict but emphasized that diplomacy must continue. This follows remarks by the Iranian President at the UN General Assembly asserting that Tehran will never surrender to American pressure. Traders are closely monitoring developments in the Strait of Hormuz, a critical chokepoint for global energy supplies.
Futures Prices Show Mixed Signals
By 06:07 GMT (09:07 Mecca time), standard Brent crude futures for November 2026 delivery rose 0.16% to $103.24 per barrel. Conversely, West Texas Intermediate crude for the same period fell 0.09% to $92.08 per barrel, according to real-time figures tracked by Washington-based Energy Platform. These movements reflect divergent market sentiments regarding regional stability and domestic production capabilities.
Past Gains Offset Recent Losses
Oil prices concluded Wednesday’s session with a 4% increase, partially recovering losses incurred over the previous five trading days. The rally was fueled by anticipation of navigation changes in the Strait of Hormuz. Analysts note that Brent retains a higher geopolitical premium due to its direct exposure to Middle East disruptions, while WTI benefits more from relatively isolated US supplies.
Diesel Export Restrictions Spark Debate
Traders also assessed potential restrictions on diesel exports after Politico reported plans for a 90-day ban under the Trump administration, which the White House denied. Diesel futures dropped nearly 5% mid-session. US Energy Secretary Chris Wright stated earlier that such a ban would fail, though President Trump expressed support. Critics warn this could worsen global supply issues.
Inventory Data Highlights Supply Dynamics
EIA data showed US distillate inventories, including diesel and heating oil, fell by 428,000 barrels last week to 107.4 million barrels. Meanwhile, crude oil stocks rose by 3 million barrels to 426.4 million barrels. These figures underscore the complex interplay between storage levels, export policies, and international demand pressures affecting current price trajectories.
This story was produced in the newsroom from the disclosed sources named above.
