Trump's Iran Hopes Pull Oil Prices Below $100
Oil prices fell on September 21 after President Donald Trump signaled openness to meeting Iranian President Masoud Pezeshkian, pulling West Texas Intermediate (WTI) below $100. Brent futures dropped 2.08% to $101.71 and WTI fell 2.14% to $98.15.
The decline followed a report of possible Trump-Pezeshkian talks, which cut Brent by $2.16 in one session. This shows how quickly diplomacy headlines can move oil prices.
Saudi Arabia shut the East-West pipeline after a drone attack and is targeting about half capacity within days. With Yanbu shipments disrupted, Saudi Aramco redirected more crude through Hormuz, lifting Saudi flows through the strait to 2.9 million bpd from 700,000 bpd in August.
Total Saudi exports also recovered above 4 million bpd from 2.4 million bpd in August, but rerouting increased reliance on Hormuz. Houthi strikes on Yanbu threaten Saudi Arabia's only export route that bypasses the strait.