Brent crude rose 2% to about $105.11 a barrel on September 24, extending a rally past $100 after US-Iran diplomacy stalled at the UN General Assembly. Iran has kept the Strait of Hormuz closed, and separate flight cancellations and missile interceptions point to continued regional instability.
Oil prices climbed for a second straight session as talks between Washington and Tehran produced no breakthrough. Brent crude jumped roughly 2% to approximately $105.11 per barrel on September 24, extending a rally that has pushed prices well above the $100 threshold. The move followed an even sharper 3.86% surge the prior session, when Brent settled at $103.08.
Optimism reverses at the UN
Two days of gains have erased the relief that briefly pulled prices below $100 after reports of productive indirect talks between Washington and Tehran. On September 22, indirect US-Iran talks mediated by Qatar took place on the sidelines of the UN General Assembly, and Trump described the discussions positively. Prices briefly softened as markets priced in possible de-escalation.
Yet the next day, Iranian President Masoud Pezeshkian took the General Assembly podium and said Iran would "never surrender" to US pressure. Markets read the speech as a sign that any deal remains far off, and the risk premium on crude snapped back.
Strait of Hormuz stays closed
Iran has kept the Strait of Hormuz closed, conditioning its reopening on the lifting of the US naval blockade and related sanctions. Roughly a fifth of the world's oil passes through the 21-mile-wide channel under normal circumstances, making the closure an active supply disruption rather than a theoretical risk. The US-Iran conflict began in February 2026 following US and Israeli military operations.
On the supply side, US crude inventories rose by 3 million barrels to 426.4 million in the latest data, and traders are also weighing reports of possible new US restrictions on diesel exports.
Regional tensions widen
The standoff is playing out alongside separate flashpoints. Iranian flights were canceled after Washington imposed new sanctions on Iran's aviation sector under the Operation Economic Outcast program. Separately, Saudi Arabia reported intercepting six missiles fired by the Houthi movement in Yemen.
Prediction markets tied to a full Iranian airspace closure priced the odds of a closure by September 30 at 3.4% and a December 31 closure at 22%.
Sources: Crypto Briefing, Crypto Briefing
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