Brent Holds Above $102 as Iran Talks Stall Over Hormuz Conditions

Crude oil benchmarks dipped after reports suggested both sides in the Middle East conflict signalled a willingness to pursue peace, though prices remain elevated overall. Brent crude was quoted at $102.20 per barrel and U.S. West Texas Intermediate at $91.43 at the time of the report, reflecting a market that is still sensitive to geopolitical developments. Earlier in the week Brent slipped below $100 per barrel when reports emerged that Saudi Arabia had restarted its East-West pipeline and that oil flows through the Strait of Hormuz had increased. Those supply-restoring developments contributed to six consecutive daily losses for oil prices, but the market reversed course with a 4% gain on Wednesday. Diplomatic rhetoric at the U.N. General Assembly provided mixed signals to traders. U.S. President Donald Trump warned Iran of “annihilation” while also describing peace talks as “very productive.” Iran’s president, Masou Pezeshkian, said Iran was open to negotiations but would not yield to coercion, calling U.S. statements a sign of bullying, according to Reuters. Iran has set specific conditions for reopening the Strait of Hormuz, including lifting a naval blockade on Iranian ports, ending sanctions and unfreezing Iranian assets. The United States has neither accepted nor outright rejected those demands, and that uncertainty — combined with continued regional tensions — is keeping prices supported despite some improvements in physical flows, market observers and ING commodity strategists noted.