Crude oil prices showed significant volatility in late September 2026, with Brent crude falling from $116.15 on September 21 to $106.52 on September 24, reflecting a notable weekly decline driven by Iran-Hormuz ceasefire rumors. WTI crude followed a similar pattern, declining from approximately $105 on September 21 to $93.96 on September 24, indicating US domestic softening alongside broader market movements. [1][2]
Earlier in September, WTI crude traded near $99.80–$101.00 from September 14–17, while Brent crude settled in the $103.73–$106/bbl range during the same period after peaking at $109–110/bbl following a Saudi pipeline attack. These levels were consistent with Brent prices settling within the $103–106 per barrel range between September 14 and 17, having peaked at approximately $110 per barrel after the pipeline incident. [3][4][5]
Price increases were evident earlier in the month, with Brent crude rising approximately 8% week-on-week from September 7 to September 11, 2026. This followed a period where WTI crude increased from $91.48 on September 4 to $92.33 on September 7 morning, a weekly gain of +0.93%, and Brent crude settling at $96.28 on September 4 after experiencing its steepest weekly gain since mid-July due to renewed tanker strikes in the Gulf during Day 190 of the US-Iran conflict. [6][7][8][9]
Volatility extended into late August, with WTI crude settling at approximately $83.40 per barrel on August 28 before surging above $85.42 on Monday following US-Iran strikes, while Brent crude traded in the $87.98–$91.26 range on August 28 and surged further on August 31. These movements built on earlier trends, including Brent crude trading in the $88.10–$91.26 range on August 28 with indicated prices rising above $88.34 on Monday morning, and Brent trading in the $92–$94/bbl range across the weekend of August 24 amid Hormuz rhetoric but on a declining trajectory. [10][11][12][13]
Looking forward, key indicators to watch include any shifts in Hormuz Strait tensions, renewed tanker strikes in the Gulf, and developments in the US-Iran conflict, as these factors have consistently driven price spikes and volatility throughout the period, particularly when linked to supply disruption fears or geopolitical escalations. [9][4][5][13]}