Oil Prices Decline as Supply Fears Ease and Iran Diplomacy Advances

Deep News09-18 07:30

Crude oil prices extended their decline for a third consecutive session, with supply concerns moderating as traders turned their attention to a fresh round of diplomatic talks that could influence the trajectory of the US-Iran conflict. West Texas Intermediate (WTI) crude retreated to around $101 per barrel, following a cumulative drop of nearly 4% over the previous two trading sessions, while Brent crude settled below the $105 mark.

In the Middle East, Saudi Arabia is working to repair its damaged east-west pipeline, which connects to the Red Sea coast, with plans to restore roughly half of its transport capacity within a matter of days. Meanwhile, some tankers continue to navigate through the strategically tense Strait of Hormuz, underscoring the fragile nature of regional shipping routes.

US President Donald Trump stated that he is on the verge of making a "major decision" regarding whether to escalate strikes against Tehran. Next week, he is scheduled to hold sideline meetings with Persian Gulf nations during the United Nations General Assembly in New York, where diplomatic efforts are expected to take center stage.

WTI crude for October delivery slipped 0.8% to $101.12 per barrel, while Brent crude for November delivery fell 1% to close at $104.82 per barrel, reflecting the market's cautious optimism amid evolving geopolitical developments.

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