Brent crude, the international oil benchmark, rose 0.52% to $103.1 a barrel on Wednesday, September 30, 2026, while West Texas Intermediate (WTI) gained 1.20% to $90.45.
The modest rebound follows Tuesday’s decline, when both benchmarks retreated after Monday’s sharp rally. Markets reacted to U.S. President Donald Trump’s rejection of reports that he was prepared to ease sanctions on Iran or release frozen funds in exchange for concrete steps on Tehran’s nuclear programme. Trump stated on Truth Social that such claims were “untrue” and that he had offered Iran nothing.
The denial reinforced the ongoing stalemate in Qatari-mediated indirect talks aimed at reopening the Strait of Hormuz and ending the conflict. Trump had previously rejected Iran’s conditional seven-day proposal to reopen the waterway and restart nuclear negotiations.
Despite the uptick, physical supply signals continue to provide some offset. Higher crude loadings through the Strait of Hormuz and the restart of Saudi Arabia’s East-West pipeline have eased earlier disruption fears, with Middle East exports showing partial recovery in September. Flows, however, remain below pre-conflict levels.
Both benchmarks remain higher than the multi-week lows hit earlier this month. Traders will closely monitor any progress in mediated talks and further confirmation of Saudi and Gulf export recovery. Fresh escalation or confirmation of post-election military action would likely support higher prices, while clearer signs of de-escalation or sustained supply increases could extend softer tones.
