- September 23, 2026
- Posted by: Tresmark
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Oil prices edged lower on Wednesday as Saudi Arabia began restoring crude flows through a key pipeline to the Red Sea, while expectations of possible US-Iran diplomatic talks eased concerns over prolonged supply disruptions.
Brent crude futures fell 7 cents, or 0.07%, to $99.18 per barrel, while West Texas Intermediate (WTI) declined 35 cents, or 0.39%, to $90.17 per barrel, as of 0119 GMT.
Saudi Arabia’s restoration of operations on its East-West oil pipeline is expected to support the recovery of crude supplies through the Red Sea port of Yanbu. The pipeline provides an alternative route for Saudi crude exports that bypasses the Strait of Hormuz.
Higher oil exports from Iraq also added to expectations of improved regional supply.
Meanwhile, markets are watching diplomatic developments between Washington and Tehran after renewed discussions at the United Nations in New York. Any progress towards negotiations could reduce concerns over further disruption to Middle Eastern oil flows.
US crude inventories have also risen, according to industry data, adding another bearish factor to the market.
Despite the latest decline, oil prices remain close to the $100-per-barrel level, with traders continuing to assess the balance between recovering Gulf supplies, US-Iran tensions and broader risks to regional energy infrastructure.
