Crude Oil Prices Edge Lower as Iran Signals Openness to Diplomacy | September 24, 2026

Crude oil prices edged lower on Thursday, September 24, 2026, after rising 4% in the previous session, as Iran said it remained open to diplomacy aimed at ending the war with the United States, as per news reports. However, the two sides remain divided over the terms of any agreement. 

Brent crude futures fell 94 cents, or 0.9%, to US$102.13 a barrel, while West Texas Intermediate futures declined 59 cents, or 0.7%, to US$91.56. 

Iran Signals Willingness to Continue Diplomacy 

Iran and the United States remain at odds over how to end the conflict, but diplomacy must continue, as per a Reuters report. Tehran is reviewing Washington’s response to its peace proposals, which include lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz. 

The reopening of the Strait of Hormuz and the removal of the naval blockade were discussed during indirect talks on Tuesday. However, Iran’s security chief Mohsen Rezaei said the waterway would remain closed until Iran’s conditions are met. 

US Secretary of State Marco Rubio said an agreement would require sustained negotiations, while also noting that US President Donald Trump had military options. 

Diesel Export Curbs Add to Market Uncertainty 

As per news reports, Traders also assessed reports of possible restrictions on US diesel exports. Ultra-low-sulfur diesel futures fell about 5% during midday trading after Politico reported that the Trump administration was preparing a 90-day diesel export ban. The White House denied the report. 

Read More: RBI Governor Highlights 18% Bank Credit Growth and Strong Banking Sector Health! 

US Crude Inventories Rise 

Adding to the pressure on oil prices, US crude inventories increased by 3 million barrels to 426.4 million barrels last week, according to the Energy Information Administration. 

Conclusion 

Crude oil prices remain sensitive to developments surrounding the US-Iran conflict, the Strait of Hormuz and potential changes to US diesel exports. Rising US crude inventories are also being closely monitored as markets assess the outlook for oil supply and demand. 

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