
Oil prices rose Thursday but fell from session highs after reports that U.S. and Iranian negotiators discussed a phased deal to end the Gulf standoff, with Brent crude up 2.5% to $105.69 and WTI futures up 2.3% to $94.30, while regional tensions persisted due to Houthi missile strikes and Iranian rhetoric blaming the U.S. and Israel for global instability.
AI-generated summary
The U.S. and Iran have been in a standoff over maritime security in the Persian Gulf, with the U.S. maintaining a naval presence and Iran restricting certain activities. Regional tensions have been exacerbated by Houthi missile attacks launched from Yemen targeting Saudi territory.
Oil prices rose Thursday but were off session highs on a report that U.S. and Iranian negotiators are discussing a phased deal to end the standoff in the Persian Gulf.
Brent crude , the international benchmark, rose 2.5% to $105.69 a barrel. U.S. West Texas Intermediate futures moved 2.3% higher to $94.30.
U.S. and Iranian negotiators are holding discussions in New York, sources told Reuters. A senior Iranian official told Reuters the most realistic path forward is for Tehran to allow navigation in the Strait of Hormuz in exchange for the U.S. ending its blockade.
But tensions in the Middle East remain high. The Saudi military intercepted six ballistic missiles fired by the Houthis at the Red Sea port city of Yanbu and Taif, a spokesperson said.
Meanwhile, tensions continue to simmer between the U.S. and Iran after Iranian President Masoud Pezeshkian blamed the U.S. and Israel for stoking global instability.
"The United States president described us as terrorists. We have been the victims of terrorism," Pezeshkian said, according to a live translation of his speech at the United Nations General Assembly. Pezeshkian also asserted that his country will continue to fight back "until our last breath."
Traders are also assessing a report that Asia is on track to import its highest volume of crude oil since the start of the war.
Asia's imports of crude oil rose in September to the highest level since the start of the Iran war, Reuters reported. The region is on track to import 23.96 million barrels per day in September, up from 23.38 million bpd in August and the most since February, Reuters said, citing data compiled by commodity analysts Kpler.
AI outlook — possibilities, not facts
U.S. and Iran will reach a preliminary agreement on Strait of Hormuz navigation within weeks
Possible · Within weeks
Asian crude oil imports will remain elevated through Q4 2026
Likely · Within months

Crude oil prices rose Thursday after U.S. and Iranian negotiators discussed a phased deal in New York to end the Persian Gulf standoff, though gains eased from session highs. Brent crude reached $105.69 and WTI $94.30, following earlier Houthi missile strikes on Saudi oil facilities that pushed Brent to a session high of $108.23. Saudi forces intercepted six missiles targeting Yanbu and Taif, while Trump and Pezeshkian delivered defiant U.N. speeches amid ongoing talks.

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