Oil Price Today (September 23): Crude oil below $100 on hopes of US-Iran talks. What did Trump say?
Brent crude futures fell 7 cents, or 0.07%, to $99.18 a barrel, while West Texas Intermediate futures declined 35 cents, or 0.39%, to $90.17 a barrel.
On September 23, crude oil prices fell below $100 a barrel due to hopes of US-Iran talks, after Saudi Arabia resumed oil flows through a key pipeline to the Red Sea. This came after President Donald Trump warned he could "annihilate" Iran, and reported discussions between his envoys Steve Witkoff and Jared Kushner with Iranian mediators.
Brent crude futures dropped 7 cents to $99.18 a barrel, while West Texas Intermediate futures declined 35 cents to $90.17 a barrel. Trump expressed optimism about a potential deal, saying a settlement was "going to be reached." The restart of the East-West Pipeline, which had been shut since September 11 after drone attacks, contributed to a boost in oil supply expectations.
Additionally, Iraq is increasing its oil exports, with current shipments exceeding 3 million barrels per day and potential growth to over 600,000 bpd through Turkey. However, JPMorgan warned of uncertainty surrounding oil prices due to the ongoing conflict, noting that the bank no longer has a clear baseline scenario for the market.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Trump hails ‘productive’ US-Iran talks semafor.com
