Oil Extends Losses on US-Iran Diplomacy Hopes

2026-09-22 20:27 By Isabela Couto 1 min. read

Crude oil fell below $90 a barrel on Tuesday, extending losses into a 5th session after President Trump said US officials had a very good meeting with Iranian envoys and that there was a lot of momentum toward a deal.

In his UN address, Trump said he had a “big decision” to make on whether to seek a negotiated deal with Iran or “annihilate the Islamic Republic,” adding that he believed a deal would follow the election.

Iran’s proposal has been conveyed to the US, according to a senior Iranian government official.

It includes the resumption of talks aimed at permanently ending the hostilities.

If the US were to take steps toward ending the blockade, which has been crippling Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days, the official said.

Meanwhile, Saudi Arabia is reportedly preparing to restart its critical East-West pipeline, aiming to restore meaningful flows by Saturday.

The pipeline was reportedly already pumping at a low rate.



News Stream
Oil Extends Losses on US-Iran Diplomacy Hopes
Crude oil fell below $90 a barrel on Tuesday, extending losses into a 5th session after President Trump said US officials had a very good meeting with Iranian envoys and that there was a lot of momentum toward a deal. In his UN address, Trump said he had a “big decision” to make on whether to seek a negotiated deal with Iran or “annihilate the Islamic Republic,” adding that he believed a deal would follow the election. Iran’s proposal has been conveyed to the US, according to a senior Iranian government official. It includes the resumption of talks aimed at permanently ending the hostilities. If the US were to take steps toward ending the blockade, which has been crippling Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days, the official said. Meanwhile, Saudi Arabia is reportedly preparing to restart its critical East-West pipeline, aiming to restore meaningful flows by Saturday. The pipeline was reportedly already pumping at a low rate.
2026-09-22
Crude Oil Falls for 5th Session
Crude oil fell to $89.7 a barrel on Tuesday, extending losses into a fifth session, but remaining above a session low of $89.16, as traders continued to monitor diplomatic efforts to end the conflict with Iran. US President Trump told the UN that he believed the US would reach a deal with Iran right after the midterm elections in November. He noted that oil flows have increased since the conflict began, while suggesting prices could fall sharply once the war ends. Speculation about a meeting with Iranian President Masoud Pezeshkian persisted, although Secretary of State Marco Rubio said he was unaware of plans. Japan’s Kyodo News reported earlier that Iran had proposed reopening Hormuz within seven days if a US blockade were lifted. Also, Saudi Arabia began preparations to restart its East-West oil pipeline, which was halted after drone attacks earlier this month, with exports potentially resuming later this week.
2026-09-22
Crude Oil Falls for 5th Session
Crude oil fell below $91 a barrel on Tuesday, extending losses into a fifth session and reaching the lowest level in more than two weeks, after reports suggested Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports. Japan’s Kyodo News reported that Tehran had proposed reopening the strategic waterway within seven days of the blockade being lifted, potentially creating a basis for discussions with mediating countries during the UN General Assembly. President Donald Trump is due to address the assembly in New York and may meet Iranian President Masoud Pezeshkian on the sidelines. Meanwhile, Saudi Arabia has continued moving crude through Hormuz at around 2.9 million barrels per day over the past six days. Satellite imagery showed supertankers with combined capacity of about 14 million barrels at Saudi Gulf export terminals, the highest count observed since at least June.
2026-09-22