Brent Crude Price Drops for Sixth Consecutive Session on Pipeline Restart

The Brent crude price continued its downward trend, reaching around USD 98/bbl for the sixth consecutive session. The decline is linked to Saudi Arabia's decision to restart its East-West pipeline and signs of progress in US, Iran talks.

The move has had a significant impact on global markets, with oil becoming the dominant intraday driver. The price slide has also weighed heavily on broader market sentiment and fixed income markets.

The restarting of the East-West pipeline is seen as a positive development for supply, but it's unclear what effect this will have on prices in the long term. Meanwhile, US officials have expressed optimism about the progress made in Iran talks, although no agreement has been reached yet.