Oil steadies near $104 as Mideast supply risks persist and diplomacy intensifies
· Business · LiveMint, Bloomberg
Oil steadied on 21 September 2026 with Brent near $104 and West Texas Intermediate below $100 after a three-day decline. Saudi Arabia issued air-raid alerts for Riyadh and Red Sea hubs including Yanbu amid threats from Iran-backed Houthis in Yemen. President Donald Trump said he would likely meet Iranian counterpart Masoud Pezeshkian on the sidelines of the UN General Assembly this week. Qatar’s prime minister confirmed messages were being passed between the two sides, as Qatar mediates alongside Gulf neighbours under missile threats from Tehran. Crude has surged this year as war disrupted shipments through the Strait of Hormuz, with Admiral Brad Cooper reporting flows at a six-month high. Saudi Aramco told European refining customers they will receive no crude allocation next month under long-term agreements after recent attacks.
Why it matters
The story directly impacts global energy prices and Indian consumers, as Brent crude near $104 and disrupted Middle East supplies raise petrol and diesel costs domestically. India, a major oil importer, faces inflationary pressure from sustained high energy prices and potential supply disruptions through the Strait of Hormuz. The diplomatic push for a US-Iran meeting and Saudi restoration of its East-West pipeline will determine near-term market stability and India’s fuel import bills.
Read the original report — LiveMint
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