On September 8, 2026, a large number of commercial ships belonging to Iran and other countries remain anchored in the Strait of Hormuz in Bandar Abbas, Iran.
Fatemeh Bahrami | Anadolu | Getty Images
Oil prices were mixed on Wednesday as investors weighed the impact of US-Iran talks on the back of hopes for a diplomatic solution to the Middle East conflict following President Donald Trump’s recent threat to “annihilate” Iran.
International benchmark futures brent crude oil Prices for November delivery rose 0.36% to $99.57 per barrel as of 5:39 a.m. ET, reversing earlier losses. us West Texas Intermediate Futures In November, the price fell by 0.44% to $90.12 per barrel.
President Donald Trump said Tuesday that U.S. officials had a “very good meeting” with the Iranian delegation, which lasted about three hours. Earlier, President Trump said in a speech at the United Nations that he was making “big decisions” about whether to reach a deal with Tehran or “annihilate” Iran.
Reuters reported on Tuesday that Iran could reopen the Strait of Hormuz within a week if the US agrees to ease military pressure and lift the Iranian port blockade.
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“Pakistan’s mediation efforts with the Iranian government may also reduce the risk of broader escalation,” said Paolo Brocaldo, CEO of private digital bank Bancpro.
Oil prices are also unlikely to rise significantly for now, he said.
“Over the past five consecutive sessions, prices have fallen by almost 12%, once again retreating from the ‘intervention zone’ above $100, which has repeatedly seen an intensification of peacebuilding efforts on both sides,” Brocardo said.
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