{
  "id": 9662433,
  "title": "Oil prices settle up about 3pc",
  "url": "https://urgent.news/2026/09/25/oil-prices-settle-up-about-3pc",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-25T00:45:17.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40441153/oil-prices-settle-up-about-3pc"
  },
  "original_language": "en",
  "account": "Oil prices surged approximately 3 percent on Thursday, reaching a one-week high following a Houthi missile strike on Saudi Arabia, which raised worries of supply interruptions. However, the market remained volatile, and prices retreated from their peak as reports emerged of the United States and Iran discussing the possibility of reopening the Strait of Hormuz. Brent futures increased by USD3.52, or 3.4 percent, to settle at USD106.60 per barrel, while US West Texas Intermediate crude rose USD2.45, or 2.7 percent, to settle at USD94.61. At their peak, both contracts saw gains of around 5 percent. Brent hit its highest close since September 15, marking its first rise in days, whereas WTI was down 13 percent over the previous six sessions. Saudi Arabia successfully intercepted six ballistic missiles launched by Iran-backed Houthis, preventing assaults on the southern province of Taif and the Yanbu area on the Red Sea, according to the Saudi-led coalition in Yemen. Iran barred Iranian airlines from neighboring nations, including the United Arab Emirates and Oman, in response to new US sanctions, marking one of the initial consequences of the United States' shift in policy targeting companies in third countries that engage in business with Iran. Washington has extended its financial sanctions, focusing on entities from third countries that transact with Iranian firms, also known as \"secondary sanctions.\" On Wednesday, Iran threatened to retaliate against countries cooperating with the US ban on its flights by rendering their airports unusable. Meanwhile, Saudi Arabia is ramping up crude production volumes through its East-West Pipeline, which transports oil to its Red Sea export terminal in Yanbu. However, crude tanker loadings have yet to resume, based on industry insights, satellite imagery, and shipping data. Peace negotiations between US and Iranian delegates in New York are deliberating a phased approach to end the seven-month US-Iran conflict. The strait of Hormuz is the central point of contention in efforts to resolve the stalemate, with Iran seeking relief from the US blockade crippling its economy and the United States seeking unrestricted passage for ships on the global oil supply route blocked by Tehran. Neither side is willing to cede control, according to comments from two Iranian sources, two regional officials, and two Western diplomatic sources to Reuters. Diesel prices have been soaring due to supply disruptions over recent weeks, and high-level contacts between the European Union and the US continue. The US reportedly intends to prohibit diesel exports, a move the EU perceives could harm both parties. Global diesel supplies are limited due to Moscow's export bans on the fuel resulting from Ukrainian attacks on Russian refineries and energy infrastructure. The tightness is further heightened by Iranian attacks on ships and energy facilities in the Middle East. US Energy Secretary Chris Wright has reached out to executives at several major American refiners in recent days to assess support for a voluntary restriction on diesel exports as the Trump administration explores alternatives to a short-term ban, according to three individuals familiar with the discussions. Politico reported that the United States was contemplating a 90-day ban on diesel exports due to a price spike ahead of the November midterm elections. Wright has refuted this claim. Analysts and market observers have cautioned that a US diesel export ban would likely have minimal impact on alleviating high energy prices and could exacerbate global supplies, further destabilizing economies.",
  "summary": "NEW YORK: Oil prices climbed about 3 percent on Thursday to a one-week high after a Houthi missile attack on Saudi Arabia revived fears of supply disruptions, but trade was volatile and prices came off session highs after reports the US and Iran discussed reopening the Strait of Hormuz. Brent futures rose USD3.52, or 3.4 percent, to settle at USD106.60 a barrel. US West Texas Intermediate crude…",
  "key_points": [
    "Oil prices rose 3.4% to USD106.60 per barrel",
    "Saudi intercepts Houthis' 6 ballistic missiles",
    "US-Iran talks aim to reopen Strait of Hormuz"
  ],
  "editors_take": "The surge in oil prices reflects growing concerns over supply interruptions in the Middle East, where tensions between the US, Iran, and Saudi Arabia are escalating and threatening global oil supplies.",
  "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."
}