Oil Rebounds as Brent Tops $100 on Middle East Supply Risks, BofA Lifts Forecast

Brent crude rose 0.9% to $100.09 a barrel and West Texas Intermediate edged 0.1% higher to $90.60 on Sept. 23, reversing early losses as investors weighed Middle East supply risks against potential Saudi export restarts and U.S.-Iran diplomacy. Bank of America raised its second-half Brent forecast to $95 a barrel from $83, citing major disruptions to crude and refined-product supplies. Analyst Francisco Blanch said continued skirmishes through year-end are the most likely scenario, with damaged infrastructure and geopolitical tensions making rapid normalization unlikely. Saudi Arabia has begun testing its East-West pipeline for structural integrity, a step toward restoring flows after attacks knocked out the route earlier this month. Exports from the Red Sea port of Yanbu could restart within days if tests succeed. U.S. officials held lengthy talks with Iran's delegation through mediators at the U.N. General Assembly. President Trump said he expects Iran to reach a deal after the November midterms, predicting an agreement would push oil below prewar levels.