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Oil Prices Plummet to Two-Week Low as Gulf Supply Outlook Improves
M
Moneycontrol•22-09-2026, 16:34
Oil Prices Plummet to Two-Week Low as Gulf Supply Outlook Improves
- •Oil prices fell to a two-week low as prospects for increased oil supplies from the Gulf eased market concerns.
- •Iran signaled it could reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade on Iranian ports.
- •Saudi Arabia restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu.
- •Brent crude futures November contract fell 2% to $98.33 a barrel, while WTI October contract lost 2.61% to $93.28 a barrel.
- •Market focus is also on US President Donald Trump's meetings at the UN General Assembly amidst an unstable Middle East and the ongoing war in Ukraine.
Key Questions Answered
Oil prices dropped to a two-week low as prospects for increased Gulf supplies improved. Iran signaled it could reopen the Strait of Hormuz within seven days if the US eases military pressure, and Saudi Arabia prepared to resume exports from Yanbu.
A senior Iranian official stated that Iran can reopen the Strait of Hormuz within seven days on the condition that the United States eases its military pressure and lifts its blockade on Iranian ports.
Saudi Arabia restarted operations at its East-West Pipeline and moved toward resuming exports from the Red Sea port of Yanbu. Additionally, Saudi Aramco increased its exports through the Strait of Hormuz by loading around 14 million barrels of crude onto seven supertankers.
