Oil and European gas prices fall as U.S.-Iran talks ease supply concerns

Sep 22, 2026 01:50 (33d ago)

Oil prices fell for a sixth session and European gas prices dropped to about €72/MWh as U.S.-Iran diplomatic contact reduced perceived energy-supply risks.
November Brent was later reported down 0.8% at $98.45 a barrel and WTI down 1.1% at $89.55, while European gas storage was 69% full and distillate inventories fell 2.2 million barrels.
Saudi Arabia restarted its roughly 7 million-barrel-per-day East-West pipeline at a reduced rate, but repairs may delay full capacity for six to eight weeks; Norwegian gas bookings fell to 262.5 mcm/day and Iran cited conditions for reopening Hormuz.

Oil prices declined for a sixth consecutive session and European natural gas fell to around €72/MWh, the lowest since September 4, as reported U.S.-Iran diplomatic contact and alternative shipping routes reduced immediate energy-supply concerns. President Donald Trump described a three-hour September 22, 2026, meeting as very good and productive, while Iran reportedly said the Strait of Hormuz could reopen within seven days if Washington eased military pressure and lifted its blockade. Risks remain from winter demand, refinery maintenance, constrained Norwegian gas exports, below-average European storage, Russia’s planned diesel-export restrictions through October and falling distillate inventories.