<\/p>\n
Oil dropped for a fourth day, with Brent set for the longest losing run since June, as traders tracked diplomatic efforts to end the US-Iran war and signs cargoes are still getting through the Strait of Hormuz.<\/p>\n
The global benchmark fell toward $102 a barrel, while West Texas Intermediate was above $98. President Donald Trump told Fox News he would \u201cprobably\u201d be open to meeting his Iranian counterpart, Masoud Pezeshkian, on the sidelines of the UN General Assembly in New York this week. The US leader will also hold a summit with Chinese President Xi Jinping, and may meet Persian Gulf nations.<\/p>\n
Crude and liquefied natural gas flows through Hormuz in the past two weeks are running at a\u00a0six-month high, according to Admiral Brad Cooper, head of US Central Command. The waterway\u2019s primary transit lanes are clear of mines and Persian Gulf allies have shipped more than 1 billion barrels of crude through it \u201cin the last couple months,\u201d he said in a video message.<\/p>\n
\u201cThe market is transitioning from deteriorating supply conditions to a stage where the worst of the crunch may have passed,\u201d said Xuyi Zhao, senior oil analyst at Guotai Junan Futures. Still, Brent is likely to consolidate around $100 as conditions for a sustained downtrend aren\u2019t yet in place, she added.<\/p>\n
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Oil declines as supply concerns ease and Iran diplomacy picks up
Brent crude stays above $100
South African consumer sentiment rebounds as oil risk looms
Oil holds drop as Saudi Arabia moves to restore vital pipeline<\/p>\n
Brent oil has still soared by almost 70% this year, as the war disrupted flows through Hormuz, which connects the gulf to global markets, and Ukraine continued to pound Russia\u2019s energy infrastructure. Petroleum products such as diesel have rallied harder than crude, boosting inflationary pressures.<\/p>\n
Prices:<\/p>\n
Brent for November settlement fell 1.7% to $102.08 a barrel at 1:16 p.m. in Singapore.
\nWTI for October delivery was 1.8% lower at $98.50 a barrel.<\/p>\n
Supply risks remain in the Middle East. Saudi Arabia issued air-raid alerts for Riyadh at the weekend \u2014 the first there since the height of the US-Iran war in March and April \u2013 as well as warnings in Red Sea hubs including Yanbu. The kingdom has been facing threats from Iran-backed Houthis in Yemen.<\/p>\n
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Traders were looking for more signs that Riyadh has been making progress in restoring operations of its\u00a0East-West pipeline, the conduit that runs across the country to the Red Sea, which was damaged in attacks earlier this month.<\/p>\n
Saudi Aramco has told refining customers in Europe they will be allocated no crude next month under long-term agreements after the interruption.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Brent #set #longest #losing #run #June #focus #diplomacy<\/p>\n","protected":false},"excerpt":{"rendered":"
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