West Texas crude was about US$92.60 a barrel (+0.19) and Brent about US$105.28 (+0.96) on 28 Sep 2026 after Trump rejected Iran's proposed 7-day ceasefire. Iran will not ease conditions for reopening the Strait of Hormuz, so the outlook stays uncertain. Saudi crude exports rose about 80% in September to roughly 6 million barrels a day. For a Thai SME, keep fuel and freight cost assumptions high and avoid locking in cheaper prices yet. A US-China deal to cut tariffs on US$60bn of goods and extend the trade truce to 10 Jan 2027 eases some demand worry.