Brent crude fell below $100 a barrel on Tuesday, extending its decline for a fifth consecutive session to reach a two-week low, amid hopes that renewed diplomatic efforts could help end the US–Iran conflict and restore disrupted energy flows from the Middle East. President Donald Trump is scheduled to address the UN General Assembly in New York and may meet Iranian President Masoud Pezeshkian on the sidelines. He is also expected to hold talks with Gulf leaders and Chinese President Xi Jinping later this week.
In parallel, US Treasury Secretary Scott Bessent announced that all Iranian airlines would be shut down from September 23. Signs of improving supply have emerged elsewhere: Saudi Arabia has been moving crude through the Strait of Hormuz at around 2.9 million barrels per day over the past six days. Satellite imagery also showed supertankers with a combined capacity of approximately 14 million barrels at Saudi Arabia’s Gulf export terminals, the highest level recorded since at least June.
