Brent crude settled at $103.08 a barrel on September 23, up about 3.9%, while WTI reached $92.16. The move followed firm statements by Iran’s president and uncertainty surrounding indirect talks with Washington.

Markets weighed geopolitical risk, discussions over the Strait of Hormuz, recovering regional flows and an unexpected increase in US crude inventories. Those opposing forces help explain the session’s high volatility.

The impact on consumers and companies is neither automatic nor immediate. Fuel prices also depend on refining, shipping, taxes, exchange rates and local inventories.

Benchmark prices reflect market expectations, not a single pump price. Any later update should include date, market and unit of measure.

Messages from Iran and signals about supply pulled in conflicting directions during the day, amplifying swings.

For the real economy, transmission into fuel prices is mediated by several local factors and remains to be watched in the coming days.

Source consulted: Reuters — Oil markets, 23 September 2026