Mucahithan Avcioglu
01 October 2026•Update: 01 October 2026
Oil prices rose more than 2% on Thursday as uncertainty over US-Iran negotiations clouded prospects for a sustained recovery in Middle East energy supplies.
International benchmark Brent crude futures gained 2.4% to $100.35 per barrel 0830GMT, reversing earlier losses, while US benchmark West Texas Intermediate rose 2.45% to $92.62.
Investors weighed signs of improving regional crude shipments against concerns that the recovery could falter without a lasting agreement to end the Iran war.
The Strait of Hormuz, a major route for global oil shipments, remains central to negotiations and the outlook for regional energy flows.
Iranian government spokesperson Fatemeh Mohajerani said on Wednesday that Tehran had received Washington’s response to a new proposal conveyed through Qatari mediation.
Tehran’s stated conditions include ending hostilities on all fronts, including Lebanon, lifting the US naval blockade and releasing Iranian assets.
Meanwhile, seven OPEC+ producers maintained October output targets at September levels, highlighting the importance of supply policy alongside diplomatic developments.
