Oil prices fall in longest losing streak in a year on hopes of progress in US-Iran talks – business live

Oil prices fell for a sixth consecutive day, sliding below $100 a barrel due to growing Middle Eastern supply and optimism around possible US-Iran negotiations. Brent crude dropped about $1 to $98.32 a barrel, marking the longest losing streak since August 2025. Saudi Arabia reportedly restarted its east-west pipeline and could have resumed exports from the Red Sea port of Yanbu.

Donald Trump hinted at progress in US-Iran talks during a New York speech, yet warned of potential military action against Iran without a deal. Iranian President Masoud Pezeshkian was set to address the UN General Assembly, possibly meeting with US President Trump. Chinese President Xi Jinping was due to arrive in Washington for talks, and a possible trade truce between the US and China may be extended.

AI discussions garnered attention, lifting tech stocks and aiding South Korea's Kospi to gain nearly 0.7% and Taiwan's market to rise 0.75%. Japanese markets were closed for a holiday. Chinese indices declined, the CSI 300 fell 0.5%. European and US stock futures pointed to a higher opening. Meta's new personal Muse agent was in high demand, topping US app download charts since its launch.

The dollar surged to a two-month high amid expectations of upcoming interest rate hikes, while the British pound weakened 0.2% to $1.3316 and the euro eased to its weakest level since July, falling to $1.1423. Manufacturing PMI snapshots for September were scheduled for 9am BST, 2:45pm BST and 9:30am BST.