Danske Research Team notes Brent crude trading near USD 98/bbl after six straight sessions of declines, with Oil acting as the dominant intraday driver for broader markets. The move is linked to Saudi Arabia restarting its East-West pipeline and signs of progress in US–Iran talks, which also weighed on global risk sentiment and fixed income markets.
Brent pressured by supply developments
“Oil was the dominant intraday driver. Brent dipped to around USD99/bbl – its fifth consecutive day of declines and the longest losing streak since August 2025, as Saudi Arabia moved to restart the East-West pipeline and the US flagged progress in Iran talks.”
“In commodities, Brent crude is trading around USD 98/bbl this morning, a sixth consecutive session of declines, as Saudi Arabia is in the process of restarting its East-West pipeline.”
“Away from the rhetoric, however, US and Iranian officials held their first talks since June through mediators on the sidelines of the assembly. While no agreement was reached, both sides expect further discussions.”
“President Trump used his UN speech to warn that he could “annihilate the Islamic Republic” if no deal is reached and said a peace agreement is unlikely before the November mid-terms.”
“Tehran said it would be prepared to reopen the Strait of Hormuz within seven days if the US lifts its blockade on Iranian ports. For now, the comments point to limited prospects of traffic through the Strait of Hormuz normalising.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
