Oil prices fell on Wednesday, September 23, 2026, as Saudi Arabia began to resume crude supplies through the vital East-West pipeline via the Red Sea, amid growing hopes for a diplomatic solution to the war between the United States and Iran through talks being held at the United Nations in New York.
Brent crude futures declined by seven cents or 0.07 percent to $99.18 a barrel by 01:19 GMT. U.S. West Texas Intermediate crude futures also fell by 35 cents or 0.39 percent to $90.17 a barrel.
U.S. President Donald Trump warned on Tuesday that he might "destroy" Iran, but he also said that envoys Steve Wittekov and Jared Kushner held fruitful talks with intermediaries about Iran aimed at ending the war.
He added, "I believe there is significant momentum toward reaching an agreement."
Optimism over improved supplies and efforts to end the ongoing conflict for nearly seven months led to Brent crude settling on Tuesday below $100 a barrel for the first time since September 8.
Tim Waterer, senior analyst at KCM Trade, said, "The market is currently looking more positively at the prospects for global oil supplies compared to a few weeks ago."
He added, "The meeting of the American and Iranian delegations in New York has given traders a glimmer of hope, and although harsh statements continue, including threats of annihilation, the market is counting on the possibility of talks."
The Iraqi oil minister reported on Tuesday that the country's oil exports have increased. He stated that Iraq is currently exporting more than three million barrels per day, and exports through Turkey are expected to exceed 600,000 barrels per day.