Saudi Exports and US-Iran Talks Send Oil Prices Reeling

Oil prices have retreated sharply on expectations of higher Saudi crude exports and improved US-Iran relations, according to ING strategists Ewa Manthey and Warren Patterson.

The analysts note that Brent and WTI have sold off sharply due to easing Middle East supply concerns. Brent has now declined for six consecutive sessions, its longest losing streak since August 2025, bringing cumulative losses to more than 9.5%.

Saudi Arabia's restart of operations at its East-West pipeline and potential resumption of exports from the Yanbu terminal could gradually restore lost export flows, increasing global crude supplies in the coming weeks.