{
  "id": 10548597,
  "title": "Oil ticks up as US-Iran talks fail to assuage supply fears",
  "url": "https://urgent.news/2026/09/28/oil-ticks-up-as-us-iran-talks-fail-to-assuage-supply-fears",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T22:01:48.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-ticks-us-iran-talks-fail-assuage-supply-fears"
  },
  "original_language": "en",
  "account": "West Texas Intermediate oil prices ticked upward, settling below $93 a barrel on a volatile trading day. Demand for physical barrels surged while supply disruptions eased in the Middle East and progress toward reopening the Strait of Hormuz appeared promising. However, repeated false starts in talks between the US and Iran left traders skeptical. President Trump indicated he was open to providing sanctions relief and releasing frozen funds for meaningful progress on the nuclear issue. However, Iran's nuclear program remained a major obstacle. Traders were evaluating conflicting signals regarding a US-Iran ceasefire and the reopening of the crucial waterway. Meanwhile, Iranian officials reportedly expressed doubt about reaching a deal before the US midterm elections in November. Trump had previously dismissed a proposal from Tehran to reopen Hormuz if the US made concessions.\n\nThe fluctuating tone in oil market sentiment illustrated the challenging nature of recent conflicts. According to TD Securities senior commodity strategist Ryan McKay, \"Without a concrete deal or resolution to the conflict, the market quickly discards initial headline reactions, and the higher prices are becoming harder to maintain.\" The market's increased apprehension about potential escalation from Iran or the Houthis, as well as from the US after the midterms, fueled volatility.\n\nOil's impact extended beyond energy markets, contributing to a decline in stocks and exacerbating a selloff in US bonds due to inflation concerns that could prompt further Federal Reserve interest rate hikes. Saudi Arabia had partially restored the flow through its East-West pipeline, affected by drone strikes earlier, bringing total exports to around 3.5 million barrels a day. Persistent supply concerns were evident as key supply metrics surged, signaling strong demand for quickly-deliverable barrels. Meanwhile, fuel prices climbed as global refinery capacity remained constrained. The Russia-Ukraine war further intensified diesel prices, while tensions over US measures to limit diesel exports remained unresolved. Oil shipping rates reached record highs due to a shortage of large crude tankers. Brent's prompt spread, indicating the difference between two key contracts, widened to over $7 a barrel, a sharp contrast to less than $1 at the end of the previous month. This backwardation pattern confirmed a tight market situation. In Europe, Dated Brent, a major physical-market benchmark, traded at a significant premium to futures.",
  "summary": "West Texas Intermediate futures settles below US$93 a barrel on a day of choppy trading",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}