[International Oil Prices] Rebound in a Day... Brent Crude Surges 14% in September

[Financial News]  

International oil prices ended higher on September 30 (local time), the final day of the month. Prices continued to rise as negotiations between the United States and Iran stalled and U.S. diesel prices continued their record-setting run.
November-delivery contracts for Brent crude oil, the international benchmark, and West Texas Intermediate crude oil (WTI), the U.S. benchmark, each rose by around 1% from the previous session.
Brent crude oil settled at $103.53 per barrel, while WTI ended at $90.42 per barrel.
For the month of September as a whole, Brent crude oil surged 14%, while WTI jumped by more than 5%.
Contrary to Qatar's hopes as it sought to mediate the negotiations, U.S. President Donald Trump denied the possibility of easing sanctions on Iran. He dismissed reports that sanctions could be eased and frozen assets released if there were "solid" progress on Iran's nuclear program.
If a deal between the two countries is delayed, shipping through the Strait of Hormuz, a key energy corridor, could inevitably be disrupted. Although traffic through the strait has recovered to 80% of prewar levels, it could be blocked again at any time.
Tight supply and demand conditions in the global refining market are also putting upward pressure on oil prices.
The Japanese bank MUFG said in a report, "A recovery in crude oil supplies will ease some of the supply-driven upward pressure on oil prices, but with refining supply remaining persistently tight and transportation costs also staying elevated, the broader energy market is likely to remain under strain."

[email protected] Song Kyung-jae Reporter