Published by Pratik Algo
Crude Oil Prices Today: Brent Above $105 as Iran Risk Lingers
Crude oil prices today, September 24, 2026: Brent above $105 and WTI near $94. Explore Iran risks, EIA inventories, key levels and the outlook.
Daily market research from Pratik Algo covering price action, macro context and known event risks.
By Pratik Algo | September 24, 2026
*Price snapshots retrieved at approximately 13:45 UTC; research completed through 13:48 UTC. Retrieval time is not a verified transaction timestamp. All event times below are UTC; add 5 hours 30 minutes for IST.*
Crude oil prices today are higher, with the retrieved November Brent quote at $105.17 per barrel and November WTI at $93.77. Uncertainty around US–Iran diplomacy is keeping supply risk in focus, even as the latest American inventory report shows a build in commercial crude stocks.
For traders following Brent and WTI, the key distinction is between crude availability and the supply of usable fuels. More crude in storage can coexist with falling gasoline and diesel inventories, making a single headline insufficient to explain the market.
Brent and WTI price snapshot
| Reference | Brent, November 2026 | WTI, November 2026 |
|---|---|---|
| Retrieved price, USD per barrel | $105.17 | $93.77 |
| Provider’s daily change | +$2.09 / +2.03% | +$1.61 / +1.75% |
| Previous close | $103.08 | $92.16 |
| Session low | $101.84 | $91.23 |
| Session high | $106.39 | $94.68 |
These are indicative provider futures quotes, not spot oil prices or broker CFD execution prices. The snapshots are not synchronised, may lag and can change. Session ranges are those displayed by the same provider and may differ from other feeds.
Why oil is rising today
Reuters reported limited progress in US–Iran diplomacy, with reopening Hormuz and restrictions on Iranian ports still unresolved.
Pratik Algo interpretation: Confirmed shipping improvements could reduce the supply-risk premium. Further disruption could sustain it. Diplomatic headlines therefore need to be assessed alongside evidence of reliable deliveries.
Diesel policy adds uncertainty: a White House official denied a report alleging preparations for a 90-day US diesel export ban, Reuters reported. The restriction was not confirmed as an enacted policy.
EIA inventories: Crude builds while fuel stocks fall
The latest weekly EIA release was published on September 23, covering the week ending September 18. It is already released data, not an upcoming announcement today.
| US inventory category | Weekly change, rounded | Ending stocks |
|---|---|---|
| Commercial crude, excluding SPR | +3.0 million barrels | 426.4 million barrels |
| Motor gasoline | −1.7 million barrels | 206.0 million barrels |
| Distillate fuel oil | −0.4 million barrels | 107.4 million barrels |
Changes use the report’s rounded figures.
Refinery inputs fell by 519,000 barrels per day, and utilisation was 94.0%. Four-week total products supplied, a demand proxy, averaged about 20.6 million barrels per day, up 0.5% year over year.
Our reading: the crude build is a counterweight to the rally, but product withdrawals complicate a uniformly bearish interpretation. Lower refinery processing can contribute to crude accumulation while reducing fuel output. Inventory changes also reflect trade and other flows; one week does not establish a lasting demand trend.
Why Brent is trading above WTI
The two retrieved quotes imply an approximate $11.40-per-barrel Brent premium, calculated from separate snapshots rather than a synchronised spread quote.
Reuters highlighted international crude’s greater exposure to Middle Eastern shipping disruption relative to US supply. That offers one explanation for Brent’s premium.
Freight, regional stocks, crude quality and delivery terms also matter. The size of the gap alone does not establish which benchmark will move next.
Brent and WTI technical levels to watch
These references come from the quoted session data. Their possible support or resistance roles are Pratik Algo’s interpretation.
| Reference | Brent | WTI |
|---|---|---|
| Recorded session high | $106.39 | $94.68 |
| Previous close | $103.08 | $92.16 |
| Recorded session low | $101.84 | $91.23 |
| Additional round-number reference | $105.00 | $95.00 |
Observed prices are from the provider’s session data.
Brent outlook: The retrieved price is above $105 but below the recorded session ceiling. Sustained trading beyond that ceiling would strengthen the continuation case. A retreat through the previous close would erase the displayed day’s gain and weaken the recovery.
WTI outlook: The first upside test is the recorded high, followed by the nearby $95 round number. If advances fail and prices return below the previous close, attention shifts toward the session floor. A brief touch of a level is weaker evidence than sustained trading beyond it.
These are conditional scenarios, not automatic entries or guaranteed targets. Round numbers are watch levels rather than independently confirmed support or resistance.
What oil traders should watch next
Shipping access and verified changes to fuel-export policy remain immediate headline risks. Economic releases matter through their effect on growth expectations, the dollar and financing conditions. Stronger activity can support expected fuel consumption, while tighter monetary conditions can work in the opposite direction.
| Date | UTC | Event | Relevance |
|---|---|---|---|
| September 24 | 14:00 | US new-home sales | Domestic demand context |
| September 25 | 12:30 | US durable-goods orders | Business spending and growth |
| September 25 | 14:00 | Final US consumer sentiment and inflation expectations | Demand and rate expectations |
| September 25 | 17:00 | Baker Hughes North America rig count, regular schedule | Drilling activity |
| September 30 | 14:30 | Next EIA weekly petroleum release, regular schedule | Crude and product balances |
All events were ahead at the research cutoff; schedules can change.
The rig count tracks drilling activity rather than immediate oil output. For the next EIA report, the useful question is whether crude stocks and refined-product stocks continue moving in opposite directions.
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*Educational market commentary, not personalised investment advice. Prices and scenarios may change after the stated cutoff. Cover: AI-generated editorial illustration.*
Risk notice: This market overview is educational, not financial advice or a trade signal. Market conditions can change quickly. Verify current prices and use independent risk management before making any decision.