Brent rises 3.86% on September 23 as Iran rejects surrender
US crude stocks rose by 3 million barrels, while the White House denied a report of plans for a 90-day ban on US diesel exports
- Brent crude oil prices rose 3.86% to settle at US$103.08 a barrel on September 23.
- The price increase was primarily driven by a speech from Iranian President Masoud Pezeshkian at the UN, where he stated Iran would "never surrender" to the United States.
- Despite the defiant rhetoric, Iran's president affirmed his support for diplomacy, though other officials linked the reopening of the Strait of Hormuz to the U.S. meeting their conditions.
Brent crude settled 3.86% higher at US$103.08 a barrel after volatile trading on Wednesday (September 23, 2026), as Iranian President Masoud Pezeshkian rejected surrender to the United States while maintaining his support for diplomacy. Brent futures gained US$3.83 a barrel, while US West Texas Intermediate (WTI) rose US$1.64, or 1.81%, to finish at US$92.16.
Both benchmarks had traded at lower levels as increased Middle Eastern supplies and hopes of a US-Iran peace agreement weighed on prices. Brent touched US$97.36 on September 22, its lowest since September 8, while WTI reached its lowest since September 1 early in the September 23 session.
Iran rejects surrender but keeps diplomacy open
Pezeshkian told the United Nations General Assembly in New York that Iran would never surrender to the United States but continued to believe in diplomacy. His speech came a day after US President Donald Trump used the same forum to warn that he could “annihilate” Iran.
Tehran was examining Washington’s response to its proposal to end hostilities, although substantial differences remained, a senior Iranian official told Reuters. The official said indirect talks on September 22 had addressed reopening the Strait of Hormuz and lifting the US naval blockade on Iran.
Iranian security chief Mohsen Rezaei said earlier on September 23 that the Strait of Hormuz would remain closed unless Iran’s conditions were met.
A senior Iranian official separately told Reuters that the strait could reopen within seven days if the United States reduced military pressure and lifted its blockade on Iranian ports.
Diesel futures fall after disputed export-ban report
Ultra-low-sulphur diesel futures fell about 5% after Politico reported that the Trump administration was preparing plans for a 90-day diesel export ban. The White House subsequently denied the report.
US Energy Secretary Chris Wright had said earlier on September 23 that a diesel export ban would not work. Analysts and market watchers warned that restricting exports would do little to lower high energy prices and could worsen global supply shortages and economic disruption.
US crude inventories increased by 3 million barrels to 426.4 million barrels in the week ending September 18, according to the Energy Information Administration’s weekly figures. Fuel stocks declined. Analysts surveyed by Reuters had expected crude inventories to fall by 641,000 barrels.
Saudi pipeline resumes as Gulf supplies increase
Saudi Arabia restarted its East-West Pipeline to the Red Sea on September 22, according to three sources briefed on the matter.
Saudi Arabia had shut the pipeline following drone attacks on September 11, stopping crude loadings at Yanbu port. The kingdom blamed Iraqi militia for the attacks.
Saudi Arabia also offered additional barrels to Asian refiners on September 22 for collection from locations outside the Strait of Hormuz.
An Iraqi minister said on September 22 that Iraq was exporting more than 3 million barrels a day and expected exports through Turkey to increase to more than 600,000 barrels a day.
US Secretary of State Marco Rubio said on September 23 that Ukraine and Russia had both expressed interest in a limited ceasefire covering grain and energy-related targets. Rubio spoke after meeting Russian Foreign Minister Sergei Lavrov in New York.
