Oil extends gains as Hormuz talks stall; Saudi bypass pipe partially restored

Brent traded above $107 as Iran uncertainty outweighed a partial restart of Saudi Arabia’s East–West pipeline; Iranian officials privately pessimistic on a deal before November US midterms.

29 September 2026

Oil rose for a second session on Tuesday, 29 September 2026, as stalled US–Iran talks and signs of firm demand outweighed a partial restart of flows through Saudi Arabia’s East–West pipeline that bypasses the Strait of Hormuz. Brent traded above $107 a barrel and West Texas Intermediate was around $94, intraday levels reported by Bloomberg via Energy Connects, not a final settlement. Saudi Arabia has restored about half the East–West flows, with shipments to the Red Sea reaching at least 3.5 million barrels a day.

• Brent traded above $107 a barrel on Tuesday, 29 September 2026, extending gains for a second session, according to a Bloomberg report carried by Energy Connects.
• West Texas Intermediate was around $94 a barrel on 29 September 2026, an intraday level and not a final settlement, Bloomberg reported via Energy Connects.
• Iranian officials privately expressed pessimism about a deal to reopen the Strait of Hormuz before US midterm elections in November, after President Donald Trump rejected a proposal to resume full traffic in seven days.
• Saudi Arabia restored about half the flows through the East–West pipeline after drone strikes earlier in September, with flows to the Red Sea reaching at least 3.5 million barrels a day, people familiar with the matter told Bloomberg.

Oil rose for a second session on Tuesday as a lack of progress in US–Iran talks and signs of firm demand outweighed a partial resumption of flows through Saudi Arabia’s cross-country East–West pipeline, a key route that bypasses the Strait of Hormuz.

Brent traded above $107 a barrel after ticking higher in the previous session, while West Texas Intermediate was around $94, according to a Bloomberg report carried by Energy Connects. Those were intraday levels, not a final settlement.

Iranian officials have privately expressed pessimism about reaching a deal to end hostilities with Washington and reopen Hormuz before US midterm elections in November, following President Donald Trump’s rejection of a proposal to resume full traffic through the waterway in seven days. Contacts around Iranian Foreign Minister Abbas Araghchi and Qatari mediation channels continue, but the overhang from the rejected reopen offer remains.

Meanwhile, Saudi Arabia has restored about half the flows through the East–West link after drone strikes halted operations earlier this month. Flows to the Red Sea have reached at least 3.5 million barrels a day, people familiar with the matter told Bloomberg.

For Gulf economies, the tape mixes a firmer crude print with still-unresolved Hormuz risk and a slowly healing bypass route — the same tension Capital Wire flagged in Monday’s oil package when prices rose but pulled back from session highs on mediation hopes. Tuesday’s move is a new session: second-day gains, Brent above $107, and confirmed partial pipe restoration.