Crude Oil Prices Hold Steady as US-Iran Talks and Gulf Supply Assessed | October 1, 2026

Crude oil prices were largely unchanged in early Asian trading on Thursday, October 1, 2026, as investors assessed developments in US-Iran peace talks and signs of recovering crude exports from the Gulf, as per news reports. The market followed gains in the previous session, while both major benchmarks recorded monthly increases in September 2026. 

Brent crude futures rose 12 cents, or 0.1%, to US$98.15 a barrel by 0045 GMT. US West Texas Intermediate crude was at US$90.35 a barrel, down 7 cents, or 0.1%. Both benchmarks gained about US$1 a barrel on Wednesday. 

Brent and WTI Post Monthly Gains 

Brent crude gained around 14% in September 2026, marking its strongest monthly increase since July 2026. WTI advanced about 5% during the month as supply concerns remained a key factor for the market. 

However, signs of improving Middle Eastern oil exports have limited some of the upward pressure on prices. Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on its East-West Pipeline. 

US-Iran Talks Remain in Focus 

Qatar said it hoped shuttle diplomacy between Tehran and Washington could lead to a breakthrough in peace negotiations. However, US President Donald Trump rejected reports that he was prepared to offer Iran sanctions relief and release frozen Iranian funds in exchange for concrete steps on its nuclear programme. 

The uncertainty surrounding the talks continues to influence expectations for Middle Eastern supply and exports. 

Gulf Exports Recover 

As per the Goldman Sachs report, Gulf oil exports, including shipments involving vessels with location transponders switched off, had recovered to 23.3 million barrels per day during the latest week. The bank said exports had doubled in September and returned to levels broadly in line with the 2025 average. 

Read More: Best Gold Stocks in India for October 2026 Based on 5-Year CAGR: Thangamayil Jewellery, KDDL and More! 

US Crude Inventories Increase 

US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, according to the Energy Information Administration. The increase adds another factor for traders assessing the balance between supply and demand. 

Conclusion 

Oil prices remain influenced by developments in US-Iran negotiations, recovering Gulf exports, US inventory data and expectations for OPEC+ production policy. The market is likely to continue tracking these factors for indications of the next direction in crude prices. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.