Oil fell for a sixth straight session on Wednesday as Donald Trump pointed to progress in talks with Iran and Saudi Arabia restarted a pipeline that bypasses the Strait of Hormuz. Brent crude closed below $100 a barrel on Tuesday for the first time in more than two weeks.
Brent crude dropped about $1 to $98.32 a barrel on Wednesday. The decline would mark oil's longest losing streak since August 2025 if it holds through the day, according to Bloomberg. Separately, Brent futures for November delivery fell 0.7% to $98.58 a barrel, while West Texas Intermediate slipped 1.3% to $89.38 a barrel. Both contracts had already fallen more than 1% in the previous session.
Trump signals progress with Iran
Trump said Tuesday he could annihilate Iran, though he also pointed to a meeting with Iranian representatives in New York. According to Investing.com, he called the three-hour meeting "very good" and productive. The meeting was the first known direct contact between U.S. and Iranian officials since June, with envoys Steve Witkoff and Jared Kushner taking part.
A Reuters report cited by Investing.com showed Iran has indicated it could reopen the Strait of Hormuz if Washington eases military pressure and lifts its blockade of Iranian ports, though Tehran has not confirmed a firm agreement. The waterway carried roughly one-fifth of global oil and liquefied natural gas supplies before the conflict began, and recent tanker movements suggest flows have increased even as shipping risks stay elevated.
Saudi Arabia restarts pipeline exports
Saudi Arabia has restarted operations at its East-West pipeline and may have already resumed exports from the Red Sea port of Yanbu, Reuters reported, citing sources. The route lets crude bypass the Strait of Hormuz. Investing.com adds that the pipeline had been shut after a drone attack earlier this month.
Sources: The Guardian, Investing.com
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