Stories
Oil Prices Plunge, Brent Faces Longest Losing Streak in a Year Amid Easing Tensions
C
CNBC TV18•23-09-2026, 06:39
Oil Prices Plunge, Brent Faces Longest Losing Streak in a Year Amid Easing Tensions
- •Brent crude dropped towards $98 a barrel, marking a sixth straight day of declines and taking losses past 9%, its worst run since August 2025.
- •US West Texas Intermediate (WTI) futures for November delivery slid 1.1% to $89.56, dipping below the $90 mark.
- •Declines followed Saudi Arabia's announcement to restart oil flows through its East-West pipeline, bypassing the Strait of Hormuz.
- •US President Donald Trump's remarks on "very productive" talks with Iranian envoys also contributed to the easing market sentiment.
- •Despite the recent slide, oil remains up more than 60% for the year, driven by disruptions to shipping through the crucial Strait of Hormuz.
Key Questions Answered
Oil prices fell sharply as easing West Asia tensions and Saudi Arabia's announcement to restart its East-West pipeline within days weighed on the market, driving Brent crude toward a sixth straight day of declines and its longest losing streak in a year.
The restart of Saudi Arabia's East-West pipeline restores a 7 million barrel a day bypass route around the Strait of Hormuz after the pipeline was knocked offline by attacks earlier in the month.
A senior Iranian official reported that Tehran offered to reopen the Strait of Hormuz within seven days if Washington took initial steps to ease military pressure, with the proposal passed through mediators on September 16.
