{
  "id": 9453620,
  "title": "Oil slips 1% after sharp gains amid U.S.-Iran diplomacy doubts",
  "url": "https://urgent.news/2026/09/24/oil-slips-1-after-sharp-gains-amid-u-s-iran-diplomacy-doubts",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T00:53:01.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/commodities-news/oil-slips-1-after-sharp-gains-amid-usiran-diplomacy-doubts-4914284"
  },
  "original_language": "en",
  "account": "Oil prices experienced a decline in Asian trading on Thursday, following a significant surge the previous day. This shift in price was influenced by a combination of factors, including heightened tensions between the United States and Iran, as well as optimistic prospects for diplomatic engagement to resolve the conflict.\n\nAs of 20:32 ET (00:32 GMT), Brent Oil Futures for November delivery saw a 1% decrease, trading at $102.10 per barrel. West Texas Intermediate (WTI) crude futures also experienced a modest decline of 0.7%, settling at $91.50 per barrel. On Wednesday, Brent crude futures had surged nearly 4%, while WTI crude climbed nearly 2%.\n\nThe market rally was sparked by Iranian President Masoud Pezeshkian's address to the United Nations General Assembly. In his speech, Pezeshkian asserted that Iran would not yield to U.S. pressure while simultaneously expressing Tehran's openness to diplomatic solutions. His remarks followed a day when U.S. President Donald Trump had warned of potential consequences if a deal could not be reached to end the conflict.\n\nTehran was reportedly reviewing the United States' response to an Iranian proposal aimed at resolving hostilities. However, significant differences between the two nations persisted. Indirect discussions have centered on reopening the Strait of Hormuz and lifting the U.S. naval blockade on Iran. The Strait is crucial for global oil and gas shipments, handling approximately one-fifth of the world's oil and gas trade.\n\nIranian security chief Mohsen Rezaei stated on Wednesday that the waterway would not reopen until Tehran's demands were met. Simultaneously, improved Gulf supply has dampened the upward momentum in crude prices. Saudi Arabia has restarted operations on its East-West pipeline to the Red Sea, while Iraq has increased exports and anticipates raising shipments through Turkey.\n\nThe U.S. diesel market also garnered attention following a report suggesting that the White House was contemplating a 90-day ban on diesel exports. This news sent U.S. ultra-low-sulfur diesel futures plummeting sharply on Wednesday. However, the White House later dismissed the report as \"fake news.\"\n\nU.S. crude inventories surged by 3 million barrels to 426.4 million barrels in the week ending September 18, according to the Energy Information Administration. This increase surpassed analysts' expectations of a 640,000-barrel draw. Gasoline inventories dropped by 1.7 million barrels, while distillate inventories, encompassing diesel and heating oil, declined by 400,000 barrels. The inventory data is particularly relevant for the diesel market, which remains under pressure despite the recent rise in crude stocks.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "CBS News",
        "title": "Mortgage rates surpass 7% for first time in 2 years amid inflation, Iran war",
        "url": "https://urgent.news/2026/09/24/mortgage-rates-surpass-7-for-first-time-in-2-years-amid-inflation",
        "published": "2026-09-24T01:07:49.000Z"
      }
    ]
  },
  "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."
}