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Crude Oil Prices Fall: Saudi Arabia Boosts Supply, US-Iran Conflict Sees Major Update.
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CNBC Awaaz•23-09-2026, 07:31
Crude Oil Prices Fall: Saudi Arabia Boosts Supply, US-Iran Conflict Sees Major Update.
- •Crude oil prices fell on September 23, 2026; Brent crude dropped 0.07% to $99.18 per barrel, and US crude oil futures fell 0.39% to $90.17 per barrel.
- •Saudi Arabia restarted its crucial East-West oil pipeline leading to the Red Sea, signaling an increase in oil supply.
- •Hopes for talks between the US and Iran have also impacted oil prices, despite US President Donald Trump's warning to completely destroy Iran.
- •Iraq is also increasing oil exports, aiming to export over 600,000 barrels per day through Turkey.
- •US crude oil inventories increased by 1.8 million barrels in the week ending September 18, adding pressure on oil prices.
Key Questions Answered
Crude oil prices fell due to an increase in oil supply after Saudi Arabia restarted its crucial East-West oil pipeline leading to the Red Sea, alongside rising US crude oil inventories and increased Iraqi oil exports.
Saudi Arabia is sending about 4 million barrels of oil daily to Yanbu through its pipeline, which accounts for about 4 percent of the world's total oil supply.
US crude oil inventories increased by 1.8 million barrels in the week ending September 18, putting additional downward pressure on oil prices.
