Oil Prices Today, September 30, 2026: Oil Prices Rise After Trump Denies Iran Sanctions Relief; Brent Above $103

Mumbai, September 30: Oil prices rose on Wednesday after US President Donald Trump denied reports that Washington was prepared to ease sanctions on Iran, while diplomatic efforts to end the conflict kept markets volatile. Brent crude futures rose 0.8% to $103.4 a barrel, while US West Texas Intermediate crude gained 0.3% to $89.6. 

Trump Denies Iran Sanctions Relief 

Crude prices gained after Trump rejected an Axios report that said he was willing to offer Tehran sanctions relief and release frozen Iranian funds in return for concrete steps by Iran on its nuclear programme. Trump said on social media that the report was untrue and that he had offered Iran nothing. 

The comments came as Qatar continued efforts to broker talks between Washington and Tehran. Qatar said it was exchanging messages with both sides and working towards establishing common ground for a deal that could help end the conflict. 

The possibility of a diplomatic breakthrough has remained a key driver for oil prices, with any agreement potentially improving the outlook for Iranian crude supplies. However, the latest US stance has added uncertainty over the prospects of sanctions relief and the pace at which Iranian oil could return to global markets. 

Brent Heads for Strong Monthly Gain 

Both contracts advanced as Middle East showed no signs of possible resolution. Source: oilprice.com

Brent is on track to post a monthly gain of around 14% in September, which would be its biggest monthly increase since July. WTI is set to gain around 4% for the month after briefly climbing above $106 a barrel earlier in September, its highest level since May. 

The spread between the two benchmarks has also widened to its highest level in four months. The divergence has been partly linked to concerns over possible US restrictions on diesel exports, which could leave more diesel in the domestic market and encourage US refiners to reduce crude processing. 

Trump is considering allowing sales of red-dyed diesel instead of imposing an outright export ban, a move intended to provide some relief to consumers. The potential policy has added another layer of uncertainty for US refiners and the domestic crude market. 

Also Read: How To Invest In Crude Oil

Middle East Oil Flows Recover 

At the same time, oil supply from the Middle East has shown signs of recovery. Crude exports from Middle Eastern producers rose to 16.328 million barrels per day in September, the highest level since the US-Israeli war with Iran began in late February. 

Saudi Arabia also resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on its East-West Pipeline. The recovery in regional shipments had contributed to a decline in oil prices in the previous session, before renewed uncertainty over Iran pushed benchmarks higher on Wednesday. 

Market participants are therefore balancing improving physical supply with continued geopolitical risks. Oil logistics remain constrained and expensive, while the outlook for exports through the Strait of Hormuz remains a central focus for traders. 

US Inventory Data in Focus 

US oil inventory data is also expected to influence prices. Market sources citing American Petroleum Institute data said US crude and gasoline inventories increased last week, while distillate stocks declined. Crude inventories rose by 1.02 million barrels in the week ended September 25. 

Official inventory figures from the US Energy Information Administration are due later on Wednesday. Analysts polled by Reuters expect crude and product inventories to have declined. 

For Indian markets, elevated crude prices remain an important variable given the country’s dependence on imported oil. A sustained rise in global oil prices can increase the import bill and add pressure on inflation and corporate margins, while any easing in geopolitical tensions or improvement in regional supply could provide relief to oil-sensitive sectors. 

Source

• oilprice.com