Brent crude surpasses $100 as US-Iran negotiations stall and US fuel inventories drop

International oil prices have risen above $100 a barrel, driven by stalled US-Iran peace talks and tightening fuel markets in the United States, Africanews reported on October 1, 2026.

The Brent November futures contract closed at $103.53 a barrel, up about 1%, recording a monthly gain of approximately 14%, the largest since July. This increase reflects concerns over geopolitical supply disruptions and strong export demand.

Data from the US Energy Information Administration indicated that petrol and distillate fuel oil inventories fell last week, putting downward pressure on supplies. Global stockpiles have been affected by the war in Ukraine and tensions with Iran, leading countries worldwide to call on the US to fill supply gaps.

Although shipments of Gulf crude oil are recovering, the war has depleted global inventories and tightened supplies of refined products such as diesel, which could sustain elevated energy prices even as more crude reaches the market.