Brent crude, the international oil benchmark, fell 1.19% to $104.10 a barrel on Tuesday, September 29, 2026, retreating after a sharp rally in the previous session as traders assessed developments around the Strait of Hormuz and U.S.-Iran tensions.
West Texas Intermediate (WTI), the U.S. benchmark, also declined, dropping 1.49% to $91.22 a barrel. The pullback followed Monday’s surge, when both benchmarks jumped after U.S. President Donald Trump rejected Iran’s conditional offer to reopen the Strait of Hormuz and resume nuclear negotiations.
Trump’s rejection, which he subsequently confirmed, revived concerns over a prolonged disruption to oil supplies through the strategic waterway and pushed Brent above $108 a barrel at one point.
Hormuz Talks Remain in Focus
Qatari mediators are reportedly facilitating further indirect talks between the United States and Iran this week, although the two sides remain divided over key conditions.
The negotiations are being closely watched by oil traders because any progress toward de-escalation could ease concerns over prolonged supply disruptions.
At the same time, Trump has indicated that he expects U.S. strikes on Iran to resume after the November midterm elections, keeping geopolitical risks elevated and limiting the extent of the decline in oil prices. Despite Tuesday’s losses, Brent and WTI remain above the multi-week lows recorded earlier in September.
