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Crude Oil Prices Surge Amid West Asia Tensions; US-Iran Talks, Saudi-Houthi Conflict Eyed
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CNBC Awaaz•29-09-2026, 07:57
Crude Oil Prices Surge Amid West Asia Tensions; US-Iran Talks, Saudi-Houthi Conflict Eyed
- •Crude oil prices rose for the second consecutive day, with Brent crude reaching $106.56 per barrel and US WTI crude climbing to $93.57 per barrel, driven by concerns over prolonged conflict in West Asia.
- •The US and Iran are engaged in indirect talks through Qatari mediators in New York, aiming for a ceasefire, with progress in these discussions potentially leading to a drop in crude oil prices.
- •Concerns persist regarding energy infrastructure and oil movement due to renewed tensions between Saudi Arabia and the Houthis.
- •The oil market is closely monitoring the Strait of Hormuz, a critical sea lane through which approximately 20% of the world's oil supply passed before the conflict.
- •US President Donald Trump rejected Iran's conditional proposal to reopen the Strait of Hormuz, indicating expectations of renewed bombing of Iran after the November midterm elections.
Key Questions Answered
Crude oil prices rose for the second consecutive day due to growing concerns over a prolonged conflict in West Asia.
International benchmark Brent crude for November delivery futures rose 1.22 percent to $106.56 per barrel, while US WTI crude futures climbed more than 1 percent to $93.57 per barrel.
The US and Iran are holding separate indirect talks through Qatari mediators in New York to try and advance discussions on a ceasefire.
