Oil traders held WTI crude at $90.16 per barrel in early Thursday trading, a 26‑cent dip from yesterday’s $1 gain, while Brent slid 10 cents to $97.93. The two benchmarks had already posted sharp September gains—Brent up 14% this month, its best monthly rise since July, and WTI up 5%.
The calm follows a cautious assessment of US‑Iran peace talks. Qatar said it hoped shuttle diplomacy could spur a breakthrough, yet uncertainty lingers after President Trump denied having offered sanctions relief to Iran for nuclear talks.
Supply outlooks have steadied as Saudi Arabia resumed oil tanker loadings from Yanbu and Gulf exports climbed, Goldman Sachs estimating 23.3 million barrels per day—nearly double September’s pace and matching the 2025 average.
OPEC+ eyes its Sunday meeting, with two sources saying the bloc may keep November production targets unchanged, stalling any new cuts that could support prices.
U.S. inventory data paints a mixed picture: crude stocks rose 922,000 barrels to 427.3 million barrels by September 25, yet fuel inventories fell sharply amid seasonal and global demand.
Market watchers turn to the Sunday OPEC+ session, hoping any policy pivot could break the flat trend and lift WTI beyond its $88 support level.