Oil steadies as stalled US-Iran talks offset supply recovery
Drone view of oil tanker HELGA berthed at one of Iraq’s southern offshore oil terminals near Basra, as it prepares to load crude oil, April 24, 2026. REUTERS/Mohammed Aty
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LONDON, Sept 30 : Oil prices steadied on Wednesday but remained on track for a big monthly gain as US-Iran talks aimed at ending their war stalled, while tight fuel markets continued to underpin prices despite recovering Middle East crude supplies.
The Brent futures November contract, which expires on Wednesday, was down 16 cents, or 0.2 per cent, to $102.43 a barrel at 0811 GMT. The more active December contract was down 18 cents to $95.98. US West Texas Intermediate crude was up 2 cents to $89.40.
Brent is headed for a monthly gain of around 13 per cent, its biggest since July, while WTI is on track for a 4 per cent rise.
The spread between the two benchmarks also expanded to its widest in four months as traders monitored potential plans by the US to restrict diesel exports, which could create an oversupply in the US market and lead refiners there to process less crude.
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Qatar said on Tuesday it hopes that shuttle diplomacy between Tehran and Washington can lead to a breakthrough.
However, US President Donald Trump denied an Axios report that cited US officials as saying he was willing to give Iran sanctions relief and release frozen Iranian funds in return for “concrete” steps by Tehran on its nuclear programme.
On Tuesday, Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on its East-West Pipeline.
Goldman Sachs estimates Gulf oil exports have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average, as exports doubled in September, it said in a note on Tuesday.
Over the past five days, the 10-day average for total oil exports has held at 20.5 million bpd, or 89 per cent of 2025 levels, JPMorgan estimated.
“Recovering crude flows should temper supply-driven price pressures, although persistent product shortages and elevated freight costs are likely to keep the broader energy market tight,” analysts at Japanese bank MUFG said.
The White House has urged the European Union to draw down emergency diesel inventories in an effort to lower global prices, according to two sources familiar with the effort.
Trump is considering allowing sales of red-dyed diesel, instead of an export ban, to offer some price relief to consumers ahead of the November midterm elections.
In the US, crude oil and gasoline inventories rose while distillate stocks fell last week, market sources said on Tuesday, citing American Petroleum Institute data.
Official inventory data from the US Energy Information Administration is due at 10:30 a.m. EDT (1430 GMT). Analysts polled by Reuters expect crude and product inventories to have fallen.
(Additional reporting by Mohi Narayan in New Delhi and Helen Clark in Perth. Editing by Sonali Paul. Alexander Smith and Mark Potter)
Source: Reuters
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