Oil Prices Slip for 6th Consecutive Day

Oil prices fell for the sixth straight day, with Brent crude slipping 0.3% to $98.99 a barrel and U.S. benchmark crude dropping 1.1% to $89.84 a barrel on September 23, 2026. The decline follows President Donald Trump’s announcement that U.S. officials met with Iranian counterparts on the sidelines of the U.N. General Assembly in New York, raising hopes of a diplomatic breakthrough. Trump also warned that a deal could be made to rebuild Iran into a stronger nation or that the U.S. might “annihilate” the Islamic Republic if talks fail.

In addition to the political backdrop, ING commodities strategists Ewa Manthey and Warren Patterson highlighted that Saudi Arabia is working to restore its East‑West pipeline, which was disabled in an attack. The pipeline is vital for shipping crude to the Red Sea instead of through the Strait of Hormuz, a route that had carried about a fifth of the world’s oil supply before U.S. and Israeli strikes on Iran in February.

Investors also turned their attention to Chinese President Xi Jinping’s state visit to Washington, which began on September 23 and includes a meeting with Trump where artificial intelligence is expected to be a key agenda item. Meanwhile, U.S. futures for the S&P 500 and Dow Jones Industrial Average each gained 0.1%, while Nasdaq futures remained flat.

European markets were mixed: Britain’s FTSE 100 edged up to 10,712.19, France’s CAC 40 slipped 0.1% to 8,146.73, and Germany’s DAX fell 0.4% to 25,473.41. Asian markets were also varied; Japan’s Nikkei 225 closed for a holiday and will resume on September 24. The U.S. dollar rose to 157.82 Japanese yen from 157.39 yen, and the euro traded at $1.1412, down from $1.1449.