Oil prices drop for fifth straight session amid hopes for Iran diplomacy and Saudi pipeline

Oil prices fell sharply on Tuesday, extending losses for a fifth consecutive trading session as hopes of renewed US-Iran diplomacy and a Saudi pipeline restart eased concerns over global supplies.

Brent crude briefly dropped below $98 a barrel, while US crude fell below $93, their lowest levels since September 8, according to NBC News.

Prices began falling after reports suggested Iran could reopen the Strait of Hormuz within days if Washington eased pressure on Tehran.

However, Iran’s Fars news agency described them as “unreliable and untrue”.

US President Donald Trump signalled he is willing to meet Iranian President Masoud Pezeshkian as world leaders gather at the UN General Assembly.

Asked about possible talks, US Secretary of State Marco Rubio told NBC News: “I don’t think anything is scheduled at this point.”

Markets were also encouraged by reports that Saudi Arabia’s east-west oil pipeline could soon resume operations after being shut following attacks earlier this month.

Reuters reported the pipeline had restarted and could resume exports from the Red Sea.