Oil prices barely changed as investors assess US-Iran peace talks and Gulf exports

Oil prices held almost steady in early Asian trade on Thursday, according to Business Recorder, after the previous session's gains and steep rises over the month. Brent futures edged up 12 cents, a 0.1% gain, reaching $98.15 a barrel by 0045 GMT, while WTI slipped 7 cents to $90.35. Brent had posted a monthly gain of roughly 14% in September.

Investors were weighing US-Iran peace talks and Middle East crude export prospects. Toshitaka Tazawa, an analyst at Fujitomi Securities, said buying persisted on supply worries while selling also gained ground as regional shipments picked up. He linked that improvement to Saudi Arabia restarting exports from its Red Sea port of Yanbu. US President Donald Trump denied reports from Axios and CNN that he was ready to ease sanctions and unfreeze Iranian funds for concrete nuclear steps.

Goldman Sachs put Gulf oil exports, dark exports included, back at 23.3 million barrels daily in the latest week, matching the 2025 average. Reuters, citing two sources, reported that OPEC+ is likely to hold its November output targets steady at a Sunday meeting. EIA data showed US crude stocks rising 922,000 barrels to 427.3 million in the week to September 25, although a Reuters poll had expected a 264,000-barrel draw. Fuel stocks, meanwhile, fell steeply due to robust seasonal and worldwide demand.