{
  "id": 9879336,
  "title": "Oil prices slide 2pc",
  "url": "https://urgent.news/2026/09/26/oil-prices-slide-2pc",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-26T01:28:40.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40441307/oil-prices-slide-2pc"
  },
  "original_language": "en",
  "account": "Oil prices experienced a decline of approximately 2 percent on Friday, driven by optimism surrounding a potential truce between the United States and Iran, as well as discussions regarding a possible ban on diesel exports from the US. Despite concerns about the increasing attacks on Saudi Arabia by Houthi rebels, which could disrupt Middle Eastern oil supply, Brent futures dropped by USD2.28, or 2.1 percent, settling at USD104.32 per barrel. West Texas Intermediate (WTI) crude followed suit, falling by USD2.20, or 2.3 percent, to USD92.41 per barrel. This resulted in a slight weekly increase of less than 1 percent for Brent and an 8 percent decrease for WTI. US and Iranian negotiators are exploring a phased approach to ending the conflict, which would involve Iran reopening the Strait of Hormuz and the US lifting its economic blockade of Iran, according to sources familiar with the talks. However, Iran remains unwilling to compromise on its nuclear program, even if the US agrees to Tehran's proposal to reopen the Strait of Hormuz, which would require lifting the US naval blockade on Iranian ports. Analysts at Ritterbusch and Associates noted that the market is closely monitoring the potential US diesel export ban and the prospects of diplomatic progress toward opening the Strait of Hormuz, leading to increased selling in oil futures. The widening gap between US crude oil futures and the global Brent benchmark, coupled with the possibility of a US diesel export ban, suggests that traders anticipate reduced crude oil processing by US refiners if their diesel output becomes constrained domestically. The premium of Brent crude over WTI rose to its highest level since May for the third consecutive day, while US gasoline futures dropped by around 4 percent on Friday. Saudi Arabia, Turkey, and Pakistan are set to discuss providing assistance to Saudi Arabia amid the ongoing attacks by Yemen's Houthis, who have launched strikes against the Saudi-backed government in Yemen and fired into Saudi Arabia, disrupting oil flows from the world's largest energy exporter. The Strait of Hormuz, through which about 20 percent of the world's oil supplies previously passed, has seen crude oil flows reach 33.7 million barrels in the week ending September 20, according to preliminary ship-tracking data from Kpler. Meanwhile, US President Donald Trump expressed during his talks with Chinese President Xi Jinping that Chinese involvement in Iran is not acceptable, as confirmed by US Ambassador to China David Perdue. Discussions between Ukraine and Russia to end their four-and-a-half-year-long conflict may be facilitated by hosting a trilateral meeting in the United Arab Emirates, according to Ukrainian President Volodymyr Zelenskiy. Russian President Vladimir Putin stated that all proposals for a settlement in the Ukrainian war remained under consideration, but Moscow needed to assess the proposal's implications for its own interests. A drone attack damaged the Novoshakhtinsk oil refinery in Russia, temporarily suspending its operations, as Governor Yuri Slyusar reported. Heavy drone strikes on Russian refineries followed discussions at UN headquarters in New York regarding a potential energy-related ceasefire between Ukraine and Russia. Russia, an OPEC+ member, was the world's third-largest crude oil producer in 2025, trailing the US and Saudi Arabia, as per US energy data.",
  "summary": "NEW YORK: Oil prices fell about 2 percent on Friday on mounting hopes for a truce between the US and Iran and talk about a possible US ban on diesel exports, even as traders worried that increasing attacks against Saudi Arabia by Houthi could disrupt supply from the Middle Eastern producer. Brent futures fell USD2.28, or 2.1 percent, to settle at USD104.32 a barrel. West Texas Intermediate (WTI)…",
  "key_points": [
    "Oil prices fell 2.1% to $104.32 per barrel on Friday",
    "US and Iran negotiating a phased truce to reopen Strait of Hormuz",
    "US diesel export ban and Iran's nuclear program key market concerns"
  ],
  "editors_take": "A potential truce between the US and Iran, coupled with a possible US diesel export ban, is shifting market focus away from supply disruption risks, pressuring oil prices downward.",
  "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."
}