Brent crude tops ~$104.80, WTI $93.35, up ~2% as US-Iran talks stall and US diesel-export-ban risk adds to supply concerns
What happened
On Wednesday, Sep 23, 2026, crude prices rose for the first time in six trading sessions. November WTI closed at $92.16/bbl, up $1.64 (+1.81%), and November Brent closed at $103.08/bbl, up $3.83 (+3.86%) — the Brent settle reclaiming $100 after one day below; intraday highs touched roughly $104.80 Brent and $93.35 WTI. Two drivers were cited: stalling US-Iran diplomacy after Iranian President Masoud Pezeshkian's UN General Assembly speech reversed expectations for a diplomatic solution — he refused to yield to Trump's threats and called it unacceptable that Iran is denied shipping access to the Strait of Hormuz — and a Politico report, citing five sources, that the Trump administration is preparing a 90-day diesel export ban to lower energy prices ahead of the midterm elections. EIA data that day showed US crude inventories rose 2.969M bbl (vs. an expected ~600k-bbl draw) while gasoline inventories fell 1.686M bbl.
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Start your free 14-day trialWho’s affected
- Oil & gas producers (XOM, CVX, COP, international majors) — benefit from higher realized prices. US refiners (VLO, PSX, MPC) — hurt: a diesel export ban would strand diesel output domestically and could force refinery throughput cuts. Airlines, shippers, and trucking — higher fuel costs squeeze margins. European refiners — could benefit as reduced US diesel exports tighten global diesel supply.