Oil prices fell in Asian trading on Wednesday and were on course for a sixth consecutive day of declines as the first U.S.-Iran talks in months revived hopes of a deal and eased concerns about oil supply from the Middle East.
In Wednesday trade in Asia, Brent Crude prices dipped by about 1% to $98.30, after falling on Tuesday below the $100 a barrel mark. The U.S. benchmark, WTI Crude, fell by 1.4% to below the $ 90-a-barrel threshold and traded at $89.49.
Oil prices extended the losses that began late last week and were on track on Wednesday morning to post a sixth straight day of losses, for the first time since August 2025.
The oil market appears to welcome with relief news about U.S.-Iran talks on the sidelines of the UN General Assembly in New York, hoping – again – that a diplomatic breakthrough could lead to the reopening of the Strait of Hormuz and recovery of oil flows from the Middle East.
U.S. President Donald Trump said late on Tuesday that U.S. and Iranian representatives “had a very good meeting, a very productive meeting — they have another one scheduled in the very near future.”
“The meeting of US and Iranian delegations in New York has given traders a glimmer of hope,” Tim Waterer, chief analyst at KCM Trade, told Reuters.
“Despite the continued tough rhetoric, including threats of ‘annihilation,’ the market is choosing to price in the possibility of talks.”
The market is also pricing in the return of the East-West oil pipeline in Saudi Arabia to partial operations. The onshore pipeline, the Kingdom’s main conduit to bypass the Strait of Hormuz, was closed for over 10 days following drone attacks on September 10. The pipeline is running at a low rate for now, while Saudi oil giant Aramco is working to return flows to roughly 4 million barrels per day (bpd) within a few weeks.
By Tsvetana Paraskova for Oilprice.com
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