Saudi Oil Supplies Boosted Amid US-Iran Talks

Oil prices fell on September 23 amid increased supply from the Persian Gulf region. Brent futures dropped by 7 cents, or 0.07%, to $99.18 per barrel, while U.S. West Texas Intermediate crude declined by 35 cents, or 0.39%, to $90.17 per barrel.

Saudi Arabia resumed operations of the East-West Pipeline to the Red Sea on Tuesday, September 22, following its shutdown due to drone attacks on September 11. The pipeline's restart led to increased oil flows from the Middle East, with around 4 million barrels per day redirected through this route, accounting for approximately 4% of global oil supplies.

The U.S. and Iranian delegations met in New York, sparking hopes among traders that negotiations between the two countries might lead to a resolution. Additionally, industry data showed that U.S. oil inventories rose by 1.8 million barrels in the week ending September 18, contrary to analysts' expectations.