EnergyNow Morning Oil Price Report

Report Date & Time: September 28, 2026 – 5:28 a.m. MDT – Using Trading View Prices

See Up-To-Date Prices Here

Summary

• WTI crude is approximately US$95.93 per barrel, up US$3.52, or 3.81%, from Friday’s official US$92.41 settlement. Oil is sharply higher after U.S. President Donald Trump rejected an Iranian proposal aimed at ending the conflict and reopening the Strait of Hormuz.
• Brent crude is approximately US$108.30 per barrel, up US$3.98, or 3.82%, from Friday’s US$104.32 settlement. Brent’s premium over WTI remains above $12 as the international benchmark carries a larger Middle East supply-risk premium.
• The rally is being tempered by improving physical supply: preliminary Kpler data show exports from major Middle East producers rebounded to 12.8 million barrels per day in September, the highest since the war began, as shipments through Hormuz recovered toward 7.4 million bpd.

Latest Oil Prices

As of approximately 5:28 a.m. MDT Monday, WTI was trading near US$95.93 per barrel, up US$3.52, or 3.81%, compared with Friday’s official US$92.41 settlement. Brent was approximately US$108.30, up US$3.98, or 3.82%, from Friday’s US$104.32 close.

Both benchmarks are therefore sharply higher this morning.

WTI is now trading on the November 2026 contract, following last week’s rollover from October. Today’s comparison is therefore against Friday’s November-contract settlement and is not distorted by the rollover issue that complicated price comparisons earlier last week.

The Brent-WTI spread is currently about US$12.37 per barrel, remaining unusually wide and highlighting the difference between international supply risks and conditions in the North American crude market.

Why Oil Is Moving

The immediate catalyst is the latest setback in U.S.-Iran diplomacy.

Iran presented a peace proposal last week through Qatari mediators that was intended to provide a path toward resolving the conflict and reopening the Strait of Hormuz. Trump said Saturday that he rejected the proposal, although he expects American negotiators to resume talks with Iran this week. Reuters

The rejection prompted traders to rebuild some of the geopolitical premium that was removed from oil prices Friday.

Security risks around Saudi Arabia are also supporting crude. The Saudi-led coalition in Yemen said it intercepted two ballistic missiles and two drones launched by Iran-backed Houthis toward the kingdom over the weekend.

That matters because previous attacks damaged Saudi Arabia’s East-West Pipeline, an important route for bypassing Hormuz and moving crude to the Red Sea.

Key Market Risks or Catalysts

There is an important bearish counterweight: Middle East crude exports are recovering.

Preliminary Kpler data cited by Reuters show exports from major regional producers reached approximately 12.8 million bpd in September, the highest since the conflict began in February. Saudi Arabia and the United Arab Emirates accounted for much of the improvement.

Shipments through Hormuz are on track to reach roughly 7.4 million bpd this month, demonstrating that more crude is getting through despite the continuing conflict.

Diesel remains another major market risk. WTI lost more than 7% last week partly because of concerns that Washington could restrict U.S. diesel exports to combat record domestic prices. European low-sulphur gasoil’s premium over Brent reached approximately US$95 per barrel last week, highlighting the extraordinary tightness in refined-product markets.

Markets will also watch U.S.-Iran negotiations, Houthi attacks on Saudi infrastructure and Ukrainian strikes against Russian oil facilities.

Bottom Line

Oil has started the week with a powerful geopolitical rebound.

WTI is back near $96, while Brent has climbed above $108, reversing Friday’s sharp decline after hopes for a rapid U.S.-Iran settlement faded.

However, the physical supply picture is improving. More Middle Eastern crude is moving through Hormuz, and regional exports are at their highest level since the war began.

That leaves oil caught between two opposing forces: a rising geopolitical risk premium and recovering physical supply. Any concrete progress in U.S.-Iran negotiations could quickly pressure prices again, while additional attacks on Saudi or Gulf infrastructure could push the market higher.

Western Canadian Select (WCS)

The latest available Friday WCS assessment is US$82.26 per barrel, timestamped late September 25. The corresponding published WTI reference was US$92.44 per barrel, producing an indicative WTI-WCS discount of US$10.18 per barrel. Oil Price API

That compares with an indicative WTI-WCS spread of roughly US$12.35 per barrel the previous Friday, using the published September 18 WCS value of US$87.95 and the corresponding Friday WTI close. The available data therefore indicate that the WCS discount narrowed by roughly US$2.17 per barrel week over week. Oil Monster

There is an important timing qualification. The Friday WCS assessment was timestamped at 11:51 p.m. GMT, while its published WTI reference was timestamped later, at 1:16 a.m. GMT Saturday. The US$10.18 differential is therefore an indicative calculation using the latest available records, not an exact simultaneous physical-market spread. Oil Price API

Monday morning’s WTI price near $95.93 should not be combined with Friday’s $82.26 WCS assessment to create a current Monday spread. A fresh Monday WCS physical-market assessment will become available later in the trading day.

Who Watches the WCS Price

Oil sands producers realize WCS-linked prices on unhedged production, and their capital plans key off the differential outlook. US Midwest and Gulf Coast refiners with coking capacity buy WCS as feedstock and treat the differential as their margin opportunity. The Alberta government forecasts royalty and tax revenue directly off WCS — a one-dollar move in the differential is worth hundreds of millions of dollars to the provincial budget over a fiscal year. And diluent demand links WCS volumes back to condensate markets.

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