Oil Set for Longest Losing Streak Since August 2025
Oil prices fell in Asian trading on Wednesday and were on course for a sixth consecutive day of declines as the first U.S.-Iran talks in months revived hopes of a deal and eased concerns about oil supply from the Middle East. In Wednesday trade in Asia, Brent Crude prices dipped by about 1% to $98.30, after falling on Tuesday below the $100 a barrel mark. The U.S. benchmark, WTI Crude, fell by…
Oil prices continued their decline on Wednesday, setting a record for the longest losing streak since August 2025. Brent Crude prices dropped by about 1%, reaching $98.30 in Asia, while U.S. benchmark WTI Crude fell by 1.4% to below the $90-a-barrel level. This marks the sixth consecutive day of losses, a first since the end of August 2025.
The decline comes as first U.S.-Iran talks in months revived hopes of a deal, easing concerns about Middle East oil supply. U.S. President Donald Trump reported a productive meeting with Iranian representatives, suggesting the possibility of reopening the Strait of Hormuz and restoring oil flows from the region. The East-West oil pipeline in Saudi Arabia, which was shut down for over a week due to drone attacks, is now running at a reduced rate as Saudi oil giant Aramco works to restore flows to about 4 million barrels per day within a few weeks.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
