Global oil prices fall below 100 dollars per barrel amid diplomatic and supply developments

Global oil prices have experienced a sustained decline, with Brent crude falling below the 100-dollar mark for the first time since September 8, 2026. This downward trend is driven by a combination of improved supply logistics and anticipation of diplomatic progress between the United States and Iran. By September 23, Brent was trading near 98 dollars per barrel, while West Texas Intermediate (WTI) fell toward 89 dollars, marking significant weekly losses after peaking on September 15.

Contributing to the price correction, Saudi Arabia’s East-West pipeline, which had been offline since September 11 following drone attacks, resumed operations on September 22. Simultaneously, U.S. President Donald Trump indicated at the 81st UN General Assembly that he expects a diplomatic agreement with Iran to be reached following the U.S. midterm elections in November. While market analysts note that crude flows via the Strait of Hormuz have recently hit a six-month high, investors remain focused on these ongoing diplomatic overtures and the stabilization of energy infrastructure as indicators of potential long-term de-escalation in the Middle East.