Oil Prices Hold Above $100 Despite US Crude Build and Lower Gasoline Demand

Key Facts

Amid persistent geopolitical tensions in the Middle East, oil prices have demonstrated significant resilience, with Brent crude maintaining levels above $100 per barrel. According to Department of Energy data, US crude inventories rose by 2.97 million barrels, exceeding market expectations, while the four-week moving average for gasoline demand slipped by 49,000 barrels per day. However, the market continues to balance this bearish inventory data against the ongoing risk premium associated with potential supply disruptions.

Regarding regional supply infrastructure, Saudi Arabia has commenced testing its East-West pipeline for structural integrity and pressure, a critical step toward restoring oil flows following recent attacks on the route. Simultaneously, US envoy Steve Witkoff reported constructive discussions with the Iranian delegation through mediators on the sidelines of the UN General Assembly, suggesting potential diplomatic breakthroughs that could influence market dynamics according to reports.

As of September 23, 2026, market participants remain focused on the trajectory of US stockpiles and stability in the Strait of Hormuz. In the absence of specific real-time price data, qualitative sentiment remains mixed as WTI maintains its recent highs. Traders are closely watching for further diplomatic signals from the United Nations meetings as the primary catalyst for price action in the coming sessions.