Oil Falls for Sixth Straight Session as U.S.-Iran Talks Lift Supply Hopes

Brent crude fell about 1% to $98.30 a barrel in Asian trading on Wednesday, and WTI dropped 1.4% to $89.49, putting oil on track for a sixth consecutive daily decline — its longest losing streak since August 2025. The selloff followed the first U.S.-Iran talks in months, held on the sidelines of the UN General Assembly in New York. President Donald Trump said late Tuesday the two sides held a "very productive meeting," with another scheduled soon, reviving hopes for a diplomatic breakthrough that could reopen the Strait of Hormuz and restore Middle East oil flows. Prices also reflected the partial restart of Saudi Arabia's East-West pipeline, the kingdom's main conduit bypassing Hormuz. The line was shut for more than 10 days after drone attacks on September 10. Aramco aims to restore flows to roughly 4 million barrels per day within weeks.