Oil Extends Losses to Sixth Session

2026-09-22 23:21 By Jam Kaimo Samonte 1 min. read

Crude oil slipped below $90 per barrel on Wednesday, extending its decline to a sixth consecutive session as signs of progress emerged in renewed US-Iran talks and efforts continued to restore operations at a key pipeline in Saudi Arabia.

President Donald Trump said officials held a “very productive” meeting with Iranian envoys, adding that he is weighing whether to pursue a negotiated agreement or “annihilate the Islamic Republic.” Trump is also expected to meet with other Persian Gulf leaders later this week.

A senior Iranian government official said Tehran’s proposal had been conveyed to the US, suggesting that if Washington takes steps toward lifting the blockade that has severely curtailed Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days.

Meanwhile, Saudi Arabia is seeking to restore oil exports through its vital East-West pipeline in the coming days, allowing Riyadh to resume using an alternative route around the Strait of Hormuz.



News Stream
Oil Extends Losses to Sixth Session
Crude oil slipped below $90 per barrel on Wednesday, extending its decline to a sixth consecutive session as signs of progress emerged in renewed US-Iran talks and efforts continued to restore operations at a key pipeline in Saudi Arabia. President Donald Trump said officials held a “very productive” meeting with Iranian envoys, adding that he is weighing whether to pursue a negotiated agreement or “annihilate the Islamic Republic.” Trump is also expected to meet with other Persian Gulf leaders later this week. A senior Iranian government official said Tehran’s proposal had been conveyed to the US, suggesting that if Washington takes steps toward lifting the blockade that has severely curtailed Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days. Meanwhile, Saudi Arabia is seeking to restore oil exports through its vital East-West pipeline in the coming days, allowing Riyadh to resume using an alternative route around the Strait of Hormuz.
2026-09-22
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