Oil rises, off highs, as Qatar mediation hopes return

Brent was near $105 after an early surge above $4 on Trump’s rejection of Iran’s Hormuz proposal; Saudi and UAE exports rebound while Hormuz flows stay below pre-conflict.

28 September 2026

Oil prices were higher on Monday, 28 September 2026, but off session peaks after an early surge of more than $4 a barrel, as markets weighed Qatari mediation hopes against President Donald Trump’s rejection of Iran’s proposal to reopen the Strait of Hormuz. Reuters reported Brent up 91 cents, or 0.9%, at $105.23 and WTI up 20 cents, or 0.2%, at $92.61. Kpler’s preliminary data showed Middle East crude exports rebounded in September to 12.8 million barrels a day.

• Reuters reported Brent up 91 cents, or 0.9%, at $105.23 a barrel on Monday, 28 September 2026, after an early surge of more than $4 a barrel.
• Reuters reported US West Texas Intermediate up 20 cents, or 0.2%, at $92.61 on 28 September 2026, versus Friday settlements of Brent at $104.32 and WTI at $92.41.
• Qatari mediators were expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi and the US side on Monday and Tuesday on an amended seven-day Hormuz proposal, Reuters reported.
• Kpler’s preliminary Monday data showed crude exports from key Middle East producers rebounded in September to 12.8 million barrels a day, the highest since the war started in February.
• Kpler data cited by Reuters put Hormuz loadings at about 7.4 million barrels a day this month, still far below the roughly 20 million barrels a day that moved through the strait before the February attacks.

Oil prices were higher on Monday but well off session peaks after an early surge of more than $4 a barrel, as markets weighed fresh hopes of Qatari mediation against President Donald Trump’s rejection of Iran’s proposal to reopen the Strait of Hormuz.

According to Reuters, quoting Scott DiSavino in New York at 1:33 p.m. EDT (1733 GMT), Brent was up 91 cents, or 0.9%, at $105.23 a barrel, while US West Texas Intermediate was up 20 cents, or 0.2%, at $92.61 — after easing off the highs. Friday’s widely cited prior settlements were Brent at $104.32 and WTI at $92.41.

Qatari mediators were expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi in New York and with the US side on Monday and Tuesday, according to Reuters citing an official briefed on the talks. The focus is an amended version of Iran’s seven-day Hormuz proposal from UN General Assembly week. Trump told Axios on Sunday he still expected more US talks this week, keeping the door open despite rejecting Tehran’s latest offer.

Separately, Saudi Foreign Minister Prince Faisal bin Farhan arrived in Washington on Monday for talks with US Secretary of State Marco Rubio, Saudi SPA reported via Reuters, amid escalating friction between Riyadh and the Houthis.

Kpler’s preliminary Monday data showed crude exports from key Middle East producers rebounded in September to 12.8 million barrels per day — the highest since the war started in February — as Saudi Arabia and the UAE boosted shipments. Hormuz loadings were set to hit about 7.4 million barrels per day this month, still far below the roughly 20 million barrels per day that moved through the strait before the February attacks. Saudi Arabia has diverted some exports from Yanbu to Ras Tanura after damage to the East–West pipeline.

UBS analyst Giovanni Staunovo said that despite rising Hormuz traffic, flows remain below pre-conflict levels and the market is still undersupplied. The Brent–WTI premium has also stayed near its highest since May amid US diesel and export-ban talk — a secondary pressure on the Gulf overnight tape.