Brent crude surges past $103 per barrel on geopolitical tensions

Brent crude oil prices climbed above $103 per barrel during morning trading on September 30, driven by geopolitical friction and tightened sanctions rhetoric.

Brent crude futures rose by $1.14, or 1.1%, to trade at $103.73 per barrel, while U.S. West Texas Intermediate (WTI) gained $0.34, or 0.4%, to reach $89.72 per barrel.

The price rally accelerated after U.S. President Donald Trump pushed back against reports suggesting Washington was prepared to ease sanctions on Iran, coupled with persistent geopolitical volatility across the Middle East. However, upward momentum remains capped by rebounding regional supplies, with Middle Eastern crude exports recovering to 16.328 million barrels per day in September—the highest level since February. Brent is on track to finish September with an estimated monthly gain of 14%.

N. Tebrizli