West Texas crude fell to US$92.41/bbl and Brent to US$104.32/bbl on 25 Sep 2026, down about US$2.2 each, on hopes of new US-Iran peace talks. The Wall Street Journal then reported Trump rejected Iran's 7-day ceasefire offer and that US strikes may resume after the November midterms. Oil remains very high and volatile, and the Strait of Hormuz is still closed. For a Thai SME, keep fuel and transport budgets on the high side, avoid locking in cheap-oil assumptions, and watch diesel and energy-linked cost pass-through over the next few weeks.