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Oil falls for sixth consecutive day, Brent drops below $100 per barrel

2026-09-23 10:00:02Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Oil falls for sixth consecutive day, Brent drops below $100 per barrel

Oil prices continued to fall on Wednesday, heading for their longest losing streak in more than 12 months, as markets awaited improved supply from the Persian Gulf and progress in talks between the United States and Iran.

After six sessions ended in decline, oil continued to lose ground in Asian trading on Wednesday.

Brent crude futures fell 1.1% to $98.16 a barrel, while U.S. West Texas Intermediate crude fell 1.67% to $89.01 a barrel. Both contracts hit their lowest levels in about two weeks.

Brent closed below $100 on Tuesday for the first time since September 8. The drop followed a period of strong growth, when concerns about supply from the Middle East had pushed the price close to $110 a barrel.

Saudi pipeline restart boosts supply

The main pressure on prices came from the resumption of work on Saudi Arabia's East-West pipeline. The infrastructure, which carries oil to the Red Sea port of Yanbu, was shut down on September 11 after drone attacks on pumping stations.

The pipeline allows Saudi Arabia to bypass the Strait of Hormuz and redirect about 4 million barrels of oil per day, an amount equal to approximately 4% of world supply.

Signs of pipeline recovery temporarily lifted Brent to $97.43 a barrel. Saudi Arabia has also begun offering Asian refiners more oil from loading points outside the Strait of Hormuz.

Iraq is also increasing exports. Iraqi Oil Minister Basim Mohammed said the country is exporting more than 3 million barrels per day and aims to increase shipments through Turkey to over 600,000 barrels per day.

Hopes for a US-Iran deal

The market is also reacting to the possibility of a diplomatic resolution to the nearly seven-month conflict between the US and Iran.

US President Donald Trump said his envoys, Steve Witkoff and Jared Kushner, had held productive talks with Iranian negotiators. He said there was "a lot of momentum" toward a deal, despite his harsh rhetoric and threats against Tehran.

Additional pressure on prices was exerted by data on US stockpiles. According to industry data, US crude oil inventories rose by 1.8 million barrels in the week to September 18, while analysts polled by Reuters had expected a decline. Official data from the US Energy Information Administration is due to be published on Wednesday./ Financial Times


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