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Line chart of daily front-month Brent crude futures closing prices from August 31 to September 29, 2026.

Iran has offered a seven-day plan to reopen the Strait of Hormuz, but Washington wants nuclear terms in the first round, and President Trump expects a deal only after the November midterms. Brent has stayed well below its September 15 peak because Middle East crude exports are recovering, helped by resumed Saudi loadings at Yanbu. The price therefore reflects that bypass capacity, not an expected reopening.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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