Oil prices rose more than 1% on Thursday, September 24, 2026, with no signs of progress in the diplomatic track to end the war between Iran and the United States, after both benchmarks gained 4% in the previous session.
Prices turn higher
Brent crude futures rose $1.63, or 1.58%, to $104.71 a barrel by 12:00 GMT, while West Texas Intermediate futures gained $1.34, or 1.49%, to $93.53 a barrel.
Prices had fallen in early Asian trading after Iran said it remained open to diplomacy, before turning higher as disagreements continued over the terms for ending the war. Brent crude reached $106.50 a barrel earlier in the session.
Disputes over peace proposals
A senior Iranian official said Tehran and Washington remained divided over how to end the war, stressing the need for diplomatic efforts to continue. He added that Iran was reviewing the US response to its peace proposals, which prioritize lifting the US naval blockade of Iranian ports and reopening the Strait of Hormuz.
Mohsen Rezaei, secretary of Iran's Supreme National Security Council, had said that the Strait of Hormuz would not be reopened unless Iran's conditions were met, while US Secretary of State Marco Rubio said reaching an agreement would require hard work over a period of time.
US inventories and the diesel market
Data from the US Energy Information Administration showed that crude oil inventories rose by 3 million barrels to 426.4 million barrels last week, compared with expectations for a decline of 641,000 barrels. Distillate inventories, which include diesel and heating oil, fell by 428,000 barrels to 107.4 million barrels.
Traders also monitored the possibility of restrictions on US diesel exports after reports circulated of a possible 90-day ban, which the White House denied. US Energy Secretary Chris Wright said a ban on diesel exports would not work.
