Nymex Overview: Crude Futures Fall on US-Iran Diplomacy, Supply Risks — OPIS

Oil futures fell midday Friday amid renewed diplomatic efforts to reach a U.S.-Iran agreement over the Strait of Hormuz, while continued threats to the Middle East energy infrastructure kept supply concerns in focus.

As of 12:35 p.m. ET, November ICE Brent crude was trading $3.06 lower at $103.54, with December down $3.50 at $96.72/bbl. The November West Texas Intermediate contract was trading $2.63 lower at $91.98/bbl, with December down $2.80 at $88.10/bbl.

Refined product futures were also falling. October RBOB traded 18.5cts lower at $3.3796/gal, with November down 15.04cts at $3.1904/gal. The October ULSD contract traded 14.41cts lower at $4.5862/gal, with November down 9.66cts at $4.4314/gal.

Diplomatic efforts to reopen the Strait of Hormuz face obstacles. Qatar and other mediators are seeking a new round of talks in Oman as soon as next week, according to The Wall Street Journal, while Saudi Arabia and the United Arab Emirates are urging Washington to maintain economic pressure on Iran and avoid concessions that would ease sanctions or the U.S. naval blockade.

The prospect of de-escalation is being weighed against continued threats to regional energy infrastructure. France plans to deploy soldiers, radar and defense systems to Saudi Arabia to help protect a refinery and crude-oil pipeline at the Red Sea port of Yanbu.

Near-term physical supply remains tight despite efforts to restore regional flows. Brent's front-month spread remained around $4 to $5/bbl, compared with less than $1/bbl in February, reflecting tight prompt supplies. The International Energy Agency said global observed oil inventories have fallen by 507 million bbl since the conflict began, including a 95 million-bbl draw in August.

Friday's decline follows a sharp rally Thursday, when Brent gained 3.4% and WTI rose 2.7% after Saudi Arabia reported intercepting missiles launched at the kingdom.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Dean Visser, dean.visser@dowjones.com

(END) Dow Jones Newswires

September 25, 2026 13:32 ET (17:32 GMT)