Oil prices fell about 2% at the Friday, Sept. 25, 2026 settlement, with Brent crude futures down $2.28, or 2.1%, at $104.32 per barrel, while U.S. West Texas Intermediate fell $2.20, or 2.3%, to $92.41 per barrel.
De-escalation hopes weigh on prices
The decline came as hopes grew for a de-escalation between the United States and Iran, amid talks in New York on a gradual process that would include reopening the Strait of Hormuz and lifting U.S. economic restrictions imposed on Iran, according to sources familiar with the discussions.
U.S. crude also came under pressure from reports of a possible U.S. ban on diesel exports, which could reduce refiners’ incentives to raise operating rates and buy more crude if fuel production accumulates in the domestic market.
Supply risks limit losses
Traders remained wary of the risk of supply disruptions in the Middle East amid continued tensions and threats targeting the region’s energy infrastructure, keeping Brent supported relative to U.S. crude.
The premium for Brent over West Texas Intermediate widened to more than $10 per barrel, as U.S. crude faced additional pressure from rising commercial inventories and lower refinery utilization, while concerns over international supply persisted.
Mixed weekly performance
Over the week, Brent crude rose less than 1%, while West Texas Intermediate fell about 8%, reflecting diverging pressures between the U.S. crude market and international markets.
