Stories
Brent Crude Holds Above $100 as Iran's Defiance Fuels Market Uncertainty
C
CNBC TV18•24-09-2026, 06:55
Brent Crude Holds Above $100 as Iran's Defiance Fuels Market Uncertainty
- •Oil prices stabilized after a sharp rally, with Brent crude settling around $102.32 per barrel, following Iranian President Masoud Pezeshkian's remarks at the UN.
- •Pezeshkian stated Iran would not yield to threats and outlined conditions for negotiations, highlighting the ongoing distance between Washington and Tehran.
- •The market had shown signs of easing earlier, with Brent falling below $98 after reports of Iran offering to reopen the Strait of Hormuz if military pressure eased.
- •Crude prices have surged throughout the year due to disruptions from the West Asia conflict and the Russia-Ukraine war, impacting supplies and energy infrastructure.
- •Attacks on shipping in the Strait of Hormuz continue, and traders await updates on restoring flows through Saudi Arabia's East-West pipeline, an alternative route to the Red Sea.
Key Questions Answered
Oil prices steadied on Thursday, September 24, 2026, following a sharp rally towards the close of the previous day, driven by Iranian President Masoud Pezeshkian's defiant remarks at the United Nations that highlighted ongoing tensions with Washington.
Brent crude held below $103 a barrel before settling at around $102.32 per barrel after climbing nearly 4% on Wednesday, while West Texas Intermediate traded near $92.
Tehran reportedly offered through mediators to reopen the Strait of Hormuz within seven days if Washington took initial steps to ease military pressure, according to a report citing a senior Iranian official.
