Oil falls for fifth session as Saudi export route restarts and US-Iran diplomacy remains in focus

  • Oil futures fell for a fifth session as Saudi pipeline operations resumed and US-Iran diplomacy advanced.
  • Expiring October WTI settled down 1.2% at $94.59 a barrel, while November Brent fell 2% to $98.33.
  • Saudi Arabia expects the East-West Pipeline to return to full operating capacity in coming weeks.

Oil prices fell for a fifth consecutive session on September 22 as Saudi Arabia restarted limited operations on the East-West Pipeline and progress in US-Iran diplomacy reduced fears of prolonged Middle East supply disruptions. Expiring October West Texas Intermediate crude settled down $1.19, or 1.2%, at $94.59 a barrel, while November Brent fell $2.01, or 2%, to $98.33. The pipeline, an alternative Saudi export route that bypasses the Strait of Hormuz, is expected to return to full capacity in the coming weeks, potentially improving supply stability. Prediction-market pricing placed the probability of crude reaching a new all-time high at 0.5% by September 30 and 10.5% by December 31.

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