Brent crude falls below $106 as US-Iran deal talks emerge

Brent crude oil futures fell below $106 a barrel on Friday, September 25, 2026, as reports emerged that the US and Iran are exploring a phased deal to reopen the Strait of Hormuz. According to a Reuters report cited by The Hindu Businessline, US and Iranian negotiators in New York are discussing a path where Iran would reopen the strait in return for the US lifting its economic blockade. Times of India reported that a senior Iranian official said Iran would show no flexibility over its nuclear programme even if the US accepts the proposal.

Crude prices dropped over 2% on Friday. November Brent futures were at $105.61, down 0.93%, while WTI fell 2.33% to $92.41, according to Times of India. On MCX, October crude futures were at ₹8,947, down 2.40%. The decline followed a two-day rally. The Hindu Businessline reported that a White House official said President Donald Trump remained open to talking with Iran but stressed the US did not need to negotiate. Analysts cautioned that a similar deal has been announced before without traction, and any breakthrough would not immediately restore disrupted flows.