Oil Set for Longest Losing Streak Since August 2025
Oil prices slipped in Asian trade on Wednesday and were set for a sixth straight day of declines, their longest losing run since August 2025, as hopes for progress in U.S.-Iran talks reduced supply-risk fears. Brent traded near $98.30 a barrel while U.S. crude fell below $90, at about $89.49 a barrel.
Why It Matters
The slump reflects market sensitivity to diplomatic developments and supply-restoration efforts in the Middle East, which can quickly alter global oil flows and price dynamics. Continued easing of perceived supply threats could influence short-term volatility in energy markets.
Key Facts
- brent-price: $98.30 per barrel
- wti-price: $89.49 per barrel
- losing-streak: six consecutive trading days (longest since August 2025)
- u.s.-iran-talks: First talks in months held on the sidelines of the UN General Assembly in New York
- presidential-comment: President Donald Trump said U.S. and Iranian representatives 'had a very good meeting' and have another scheduled soon (paraphrased)
Oil markets fell in Asian trading on Wednesday, extending a downtrend that began late last week and leaving both major benchmarks on track for their sixth straight day of losses, the longest run since August 2025. Brent crude eased to about $98.30 a barrel, while the U.S. benchmark, WTI, slipped below the $90 mark to roughly $89.49.
Traders responded to reports of renewed U.S.-Iran discussions held on the sidelines of the United Nations General Assembly in New York, which revived hopes for a diplomatic breakthrough and reduced immediate concerns about disruptions to Middle East supply. U.S. President Donald Trump said the meeting between U.S. and Iranian representatives was productive and indicated another session is planned.
Market participants also cited developments on the supply side in Saudi Arabia. The onshore East-West pipeline, which had been closed for more than ten days after drone attacks on September 10, has resumed operations at a low rate. Saudi oil company Aramco is working to raise flows, with an objective of returning the pipeline to about 4 million barrels per day within a few weeks.
Analysts noted that the combination of progress in diplomacy and the partial return of pipeline flows is being priced into the market, dampening the premium previously attached to supply risk from the region. Traders and analysts said that despite ongoing rhetoric from regional actors, the market is increasingly willing to factor in the possibility that disruptions may ease in the near term.