Brent crude’s November futures contract rose $1.71, or 1.6%, to $106.99 a barrel at 06:26 GMT on September 29, according to Reuters, extending the benchmark’s second consecutive session of gains. The contract had settled at $105.28 a barrel on September 28, up 96 cents, or 0.9%, giving Tuesday’s move a verified $1.71 increase from the prior settlement.
The $106.77 level in the originally proposed headline is also reported by Reuters as an intraday price, representing a $1.49, or 1.4%, gain from Monday’s settlement. Because the market was still trading, that figure should be treated as an earlier observation rather than the latest time-stamped quote. Reuters’ same-day update later showed November Brent at $106.99.
The November-December Brent gap matters
The contract distinction is important on September 29 because the November Brent contract reaches its last trading day on September 29, according to ICE Futures Europe. ICE’s contract specifications also identify 19:30 London time as the Brent futures settlement marker.
At 06:26 GMT, Reuters reported the more actively traded December Brent contract at $99.51 a barrel, up $1.68. That put the November contract $7.48 above December at the same observation point. The headline $106-plus price therefore describes the expiring November contract and should not be read as the price of the more actively traded December Brent contract.
Middle East supply risk remains the immediate issue
The advance came as traders assessed renewed U.S.-Iran diplomatic contacts while uncertainty over the Strait of Hormuz remained unresolved. Reuters reported that U.S. and Iranian officials spoke separately with mediators, with further discussions expected to focus on an amended seven-day proposal presented by Iran. Iranian officials have also expressed pessimism about reaching a deal quickly, according to Reuters’ reporting.
At the same time, preliminary Kpler data cited by Reuters showed crude exports from major Middle Eastern producers rising to 12.8 million barrels a day in September, their highest level since February, helped by stronger shipments from Saudi Arabia and the United Arab Emirates. Reuters also reported that some of the additional volumes depend on ship-to-ship transfers that are less efficient and more costly than normal transport routes.
That combination is the key market question: physical exports are recovering, but traders are still assigning substantial value to the risk that regional disruption persists. UOB analysts cited by Reuters described the U.S.-Iran standoff and its implications for energy prices and inflation expectations as the dominant risk.
This report is distinct from Investozora’s earlier September 25 Brent coverage near $106 during truce talks and its broader Iran-Hormuz reopening and oil-risk analysis: the new information here is the renewed prompt-contract move alongside the large November-December price gap.
What oil markets are watching next
The next major U.S. physical-market checkpoint is the EIA Weekly Petroleum Status Report, whose core tables are released after 10:30 a.m. Eastern time on Wednesdays. The report includes U.S. crude inventories, production, refinery activity and petroleum trade data, making the September 30 release the next scheduled supply test for the oil market.
Broader markets are also watching the September PCE price index on Wednesday and U.S. nonfarm payrolls on Friday, developments Reuters said could influence expectations for Federal Reserve policy as energy prices remain elevated.
