Oil falls for fifth straight session as U.S.-Iran talks ease supply fears

September 24, 2026 (MLN): Crude oil prices extended their decline for a fifth straight session on Tuesday, pressured by signs of easing supply concerns after the United States held hourslong talks with Iran and Saudi Arabia moved closer to restarting its key East-West oil pipeline.

Currently, Brent crude futures is up, 3.94%, at $102.27 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $2.19, or 2.45%, to $91.48 per barrel by [09:32 am] PST

U.S. President Donald Trump said American and Iranian representatives held a three-hour meeting on the sidelines of the United Nations General Assembly in New York, describing the talks as “very good.”

The comments raised hopes that diplomatic engagement could eventually ease tensions in the Middle East and reduce disruptions to global oil supplies, according to CNBC.

Addressing the U.N. General Assembly earlier Tuesday, Trump said the United States faces a major decision on whether to pursue a negotiated settlement with Iran or take military action against the country.

Trump also said the U.S. military had recently escorted more than 1 billion barrels of oil through the Strait of Hormuz, with flows under U.S. protection now exceeding levels seen at any previous point during the conflict.

Iranian President Masoud Pezeshkian is also attending the U.N. General Assembly, while Trump had earlier indicated that he was open to meeting the Iranian president.

Previous efforts to reach a negotiated settlement between Washington and Tehran have repeatedly broken down and been followed by renewed fighting.

Meanwhile, there were further indications that the regional supply disruption could begin to ease. Saudi Arabia has started preparations to restart its East-West oil pipeline, which was damaged in a drone attack launched from Iraq on September 10.

The pipeline was reportedly already operating at a low rate and could resume exports through the Red Sea port of Yanbu, while Saudi authorities are targeting a broader restoration of flows by Saturday.

The pipeline is an important alternative route for Saudi crude exports, allowing shipments to bypass the Strait of Hormuz. During the shutdown, Riyadh diverted more crude through the strategic waterway.

Separately, Saudi Arabia’s Ras Tanura terminal recorded its busiest loading activity since the start of the conflict on February 28, according to maritime data from Kpler.

Six supertankers loaded nearly 12 million barrels of crude at Ras Tanura and Juaymah on Monday, indicating that Saudi export activity on the eastern coast has remained strong despite disruptions elsewhere in the region.

The combination of renewed U.S.-Iran diplomatic contacts, expectations of increased Saudi export capacity and stronger loading activity has eased concerns over a prolonged squeeze in global oil supplies.

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