Brent crude slipped to $102.53 per barrel at 7:30 am IST, down 0.54% from the prior close, while WTI fell 0.32% to $91.87. The dip follows a 4% rally the day before, reflecting market jitters over the latest diplomatic chatter.
Saudi Arabia has begun re‑supply through a key Red Sea pipeline, a move that helped Brent fall below $100 for the first time since September 8. The restoration of flow is seen as a counter‑measure to U.S. sanctions that have tightened crude availability.
Iran’s presidency addressed the UN General Assembly, stating Tehran would never yield to U.S. pressure, yet a senior Iranian official said diplomacy must continue. The same official confirmed that Tehran is reviewing Washington’s response to its peace proposals, which include lifting the naval blockade and reopening the Strait of Hormuz.
U.S. Secretary of State Marco Rubio warned that any deal would require sustained effort over time, noting President Donald Trump retains military options. Meanwhile, Energy Secretary Chris Wright urged oil industry leaders to brace for possible U.S. diesel export curbs after a 90‑day ban was rumored.
U.S. crude inventories rose 3 million barrels to 426.4 million last week, according to the Energy Information Administration, adding nuance to the supply‑demand balance that will shape price trajectories in the coming days. The market will now watch for any formal U.S. policy shift on diesel exports and the progress of indirect Iran‑U.S. talks.