Oil prices retreated on Thursday, September 24, 2026, after climbing 4% in the previous session as Iran said it remained open to diplomacy to end the United States-Iran war.
Brent crude futures fell 92 cents, or 0.9%, to $102.16 a barrel at 0400 GMT, while West Texas Intermediate futures eased 77 cents, or 0.8%, to $91.39.
Iran and the United States remain divided over how to bring an end to their war, but diplomacy must continue, a senior Iranian official told Reuters on Wednesday, after Iran’s president told the UN General Assembly that Tehran would never surrender to US pressure.
The official said Tehran was reviewing Washington’s response to its peace proposals, which prioritise lifting a US naval blockade on Iranian ports and reopening the Strait of Hormuz.
The head of market insights at Phillip Nova, Priyanka Sachdeva, said: “Oil is falling because the market is unwinding part of its geopolitical risk premium as Gulf supply recovers and hopes of a US-Iran diplomatic breakthrough grow.
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“Brent retains a larger geopolitical and sea-route premium because international crude is more directly exposed to Middle East and Hormuz disruption, while WTI benefits more from relatively insulated US supply.”
Earlier on Wednesday, Iran’s security chief Mohsen Rezaei said the Strait of Hormuz would not be reopened while Iran’s conditions are not met.
US Secretary of State Marco Rubio told reporters on Wednesday that a deal with Iran would involve hard work over a period of time, adding that President Donald Trump also had military options.
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