Brent crude futures settled at $104.61 per barrel, down $3.02, or 2.81%.

AXIOS reported consumer prices remained elevated in August and an Iran war-driven energy shock has accelerated inf, squeezing household budgets; signs point to persistent underlying inf. The data could strengthen the Fed’s case to hike next week. Since the Iran conflict escalated, oil has risen sharply in September to about $100/bbl from roughly $80/bbl in mid-August. AAA said the US average diesel price climbed to a record $6.00/gal.

Amwaj reports Iran, Iraq and the GCC will meet in Oman on Monday at Omani initiative to formally present an Iran‑Oman agreement on a new Strait of Hormuz arrangement. The proposal would implement a Traffic Separation Scheme (TSS) as a temporary measure; parties said they will later negotiate a permanent solution that could include service fees. Iran maintains the arrangement is a bilateral Iran‑Oman matter but will discuss it at the meeting. Iraq’s foreign minister will attend alongside senior Iranian and GCC representatives. A senior Iranian source said the UAE replied late and downgraded its delegation from foreign minister to state minister; Bahrain and Kuwait participation is not fully confirmed but are believed to be at foreign‑minister level. An Iranian senior political source stressed the meeting does not imply the Strait is reopened. Qatar and Saudi parallel talks do not compete with the Oman channel; Qatar visited Tehran twice last week and has encouraged the Oman meeting.