Oil prices gained on Tuesday, September 22, 2026, after declining for four consecutive sessions as investors awaited developments on potential United States-Iran talks at the United Nations General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend.
The Brent crude futures November contract rose $1.29, or 1.29%, to $101.63 a barrel at 0758 GMT, while the WTI October contract, which expires on Tuesday, climbed 92 cents, or 0.96%, to $96.70 a barrel.
The more actively traded November contract was up 80 cents, or 0.87%, at $93.17 a barrel.
Tehran and Washington exchanged threats on Sunday, though US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the UN meeting.
The head of commodity strategy at Saxo Bank, Ole Hansen, said the rebound in crude suggests traders need fresh developments on supply risks or diplomatic efforts before pushing prices materially lower.
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Over the weekend, Iran also conveyed its conditions to mediators for re-engaging in negotiations, Al Jazeera reported, citing Iran’s security chief, Mohsen Rezaei.
Middle East tensions remained elevated after Yemen’s Iran-backed Houthis said they attacked Riyadh and a Saudi Aramco facility in Yanbu and stepped up efforts to cut off Saudi-backed forces from the Red Sea coast.
Separately, an armed group closed valve seven on Libya’s Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield.
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