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Brent stays above $102 as Iran peace talks stall on Hormuz conditions

Brent was around $102.2 per barrel and WTI around $91.4, after Reuters-cited comments from UN speeches kept traders focused on Iran’s conditions for reopening the Strait of Hormuz.

Reported · Written up by our desk · Energy

Crude oil prices pulled back slightly but remained elevated, with Brent trading around $102.2 per barrel and West Texas Intermediate at about $91.4 per barrel, OilPrice reported.

Earlier in the week, Brent had fallen below $100 amid reports about Saudi Arabia restarting an East-West pipeline and higher oil flows via the Strait of Hormuz. OilPrice said today’s dip partially offset those earlier gains.

OilPrice tied the market’s caution to UN General Assembly remarks, including President Trump threatening Iran with “annihilation” while also saying peace talks were “very productive.” The outlet also noted that Iran’s president Masou Pezeshkian said Iran was open to negotiating peace but would not respond well to force.

Iran has set conditions for the United States to meet for the Strait of Hormuz to reopen, including lifting a naval blockade on Iranian ports, ending sanctions, and unfreezing Iranian assets. OilPrice said the U.S. has not rejected the conditions outright this time, but it has not clearly signaled it is willing to fulfill them either, leaving the path to lower risk for oil supplies uncertain.

Latest closeWTI crude $91.79 ▼3.0%|Brent $97.67 ▼1.6%

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