RIYADH: Oil is heading for the longest losing streak in a year, as Saudi Arabia moves to restart a key pipeline and the US flags progress in talks with Iran to end a war that’s rocked the Middle East.
Brent fell toward US$98 a barrel, dropping for a sixth day in a slump that’s seen it lose more than 9%. That would be longest losing run for the benchmark since August 2025, months before Washington ignited the conflict in a joint attack on Iran with Israel.
West Texas Intermediate for November fell below US$90.
In the Middle East, Saudi Arabia is aiming to restore oil exports via its critical East-West pipeline in the coming days, enabling Riyadh to resume a bypass of the Strait of Hormuz.
The link – which has the capacity to carry seven million barrels a day – was damaged in attacks earlier this month.
President Donald Trump said officials had a “very productive” meeting with Iranian envoys, even after he threatened to annihilate the Islamic Republic during a United Nations speech.
More meetings are planned, he added.
Oil has still rallied by more than 60% this year as Middle East hostilities disrupted shipments through the Strait of Hormuz, the world’s most critical energy chokepoint. The surge has boosted inflation, with product prices rallying even more than crude.
Amid the fuel crunch, President Trump said he had encouraged his advisers to support a ban on US diesel exports.
Trump said his special envoys Steve Witkoff and Jared Kushner had participated in the meeting with the Iranian envoys.
The US leader was also due to meet with officials from the Persian Gulf, including members of the six-nation Gulf Cooperation Council, as well as Syria, Iraq, Jordan and Turkiye.
Multiple efforts to end the war between Washington and Tehran have so far proved fruitless, including an interim peace deal that was in effect for a short period.
Since then, the United States has been blockading the Islamic Republic’s ports, limiting energy export revenues. — Bloomberg
