Oil Prices Rebound as Traders Eye US-Iran Talks, Short-Covering Cited

Crude oil prices reversed recent losses on September 22, 2026, ahead of a UN General Assembly session expected to address US-Iran peace talks. Brent traded at $101.69 per barrel and West Texas Intermediate at $93.38. KCM Trade chief market analyst Tim Waterer attributed the move to short-covering rather than a fundamental shift, telling Reuters that traders positioned for further downside are reducing risk while the diplomatic narrative plays out. ING analysts reported speculative long positions on Brent rose by 16,904 in the week to September 15, to 282,657 — the highest since May — driven largely by short covering amid Middle East supply disruption risk. Separately, G7 foreign ministers on September 21 called on Iran to stop arming Yemen's Houthis, condemning recent strikes on Saudi energy and civilian infrastructure.