Oil prices climbed on September 29, 2026, as conflicting statements from the United States and Iran over diplomatic efforts to resolve their conflict kept supply concerns elevated in global markets, with particular focus on the potential reopening of the Strait of Hormuz. International benchmark Brent crude futures for December delivery rose 1.6% to $99.42 per barrel at 9:59 a.m. local time (0659 GMT), compared to $97.83 at the previous close. US benchmark West Texas Intermediate (WTI) crude futures for November delivery gained 1.5% to $94 per barrel from $92.60.
The price increases reflected ongoing diplomatic contacts between the US and Iran, with uncertainty over the potential reopening of the Strait of Hormuz maintaining supply risk premiums in the market. Mediators are pressing Iran to make concessions on its nuclear program as part of efforts to revive ceasefire negotiations with the United States, according to reporting from The Wall Street Journal. US President Donald Trump rejected an Iranian proposal for a seven-day ceasefire that would have included reopening the Strait of Hormuz and ending the US blockade of Iranian ports.
However, according to US officials quoted by Axios and CNN, Trump is willing to offer economic sanctions relief and release frozen funds to Iran in exchange for concrete progress on its nuclear program. A US official told CNN that Washington is engaging in "positive and constructive" talks through mediators, with emphasis that negotiators would not finalize any agreement unless nuclear-related concerns were fully resolved. Meanwhile, Iranian Foreign Minister Abbas Araghchi stated late Monday that Qatari mediators would present the US with new ideas discussed with Tehran on how to meet Iran's conditions for reopening Hormuz, with a final response from Washington expected on Tuesday.
Beyond Middle East tensions, continued attacks on energy infrastructure in the Russia-Ukraine conflict are also contributing to global supply concerns. Ukrainian President Volodymyr Zelenskyy reported on Monday that attacks had been conducted against various defense and oil facilities in Russia. Following his recent meeting with Trump, Zelenskyy indicated that Kyiv would be ready for an energy ceasefire if Russia refrained from targeting Ukraine's energy infrastructure.
Source: Anadolu Agency, September 29, 2026
Source: aa.com.tr