West Texas and Brent crude prices declined, with West Texas at 89.38 dollars per barrel, down 3.22 dollars, and Brent at 102.59 dollars per barrel, down 2.69 dollars, as the market watches negotiations between the United States and Iran. Meanwhile, President Donald Trump confirmed that he did not offer any conditions to Iran in exchange for ending the war, and denied reports that the United States was ready to ease sanctions and release frozen Iranian funds. On the supply side, Middle East supply recovered after Saudi Arabia resumed seaborne oil exports from the Yanbu port on the Red Sea, following the return to normal operation of the East-West Pipeline. Data from Kpler indicated that crude oil exports from Middle East producers in September 2026 recovered to 16.328 million barrels per day, the highest level since the conflict between the United States and Israel with Iran began in late February 2026. Meanwhile, the American Petroleum Institute, or API, reported that US crude oil inventories in the week ending September 29, 2026 rose by 1.02 million barrels, contrary to analysts' expectations of a 1.9 million barrel decline.
Restored Middle East seaborne supply after Saudi Arabia's Yanbu exports resumed and a surprise US inventory build pushed Brent lower.
Saudi Arabia resumed seaborne exports from Yanbu and Middle East supply recovered to a post-conflict high, while US crude inventories rose more than expected — bearish for WTI.
