Oil slides about 2% as US and Iran explore a path out of war
Brent fell $2.28 (−2.1%) to $104.32 and WTI $2.20 (−2.3%) to $92.41 after reports that US and Iranian negotiators are exploring a phased path including reopening the Strait of Hormuz. An Iranian official said Tehran will make no nuclear concessions.
Oil prices fell about 2% on 25 September after reports that US and Iranian negotiators were exploring a phased path out of the conflict, including reopening the Strait of Hormuz and lifting the US economic blockade, according to Reuters reporting carried by London Stock Exchange news.
Price moves
Brent crude settled $2.28 lower (−2.1%) at $104.32 a barrel. West Texas Intermediate fell $2.20 (−2.3%) to $92.41. For the week, Brent was up less than 1% while WTI was down about 8%. The Brent–WTI premium was the highest since May; talk of a US diesel-export ban also pressured the US complex.
What talks are said to cover
Sources close to the talks said negotiators were exploring a phased path that could reopen Hormuz and lift the US economic blockade. An Iranian official told Reuters Iran would make no nuclear concessions even if the United States accepted a Hormuz proposal, and that the strait would stay closed until all of Iran’s conditions were met.
Hormuz flows and regional security
Kpler data showed Hormuz flows of 33.7 million barrels in the week of 20 September, roughly on track versus the prior week. Houthis were attacking Saudi targets; defence chiefs from Saudi Arabia, Turkey and Pakistan were due to meet. The war began with US and Israeli strikes on Iran on 28 February.
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