Oil prices fell On September 22, with Brent crude declining 1.39% to $98.68 a barrel, while US West Texas Intermediate (WTI) crude dropped 2.05% to $90.20 a barrel.

Investors are closely monitoring possible talks between the United States (US) and Iran on the sidelines of the United Nations General Assembly meetings this week.

Oil prices appear to be falling on the back of media reports that Iran may be willing to reopen the Strait of Hormuz within seven days. This could be a positive sign that diplomacy efforts may be working, ​Hamad Hussain, senior climate and commodities economist at Capital Economics told Reuters.

Meanwhile, Reuters reported that Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later today (September 22).

The pipeline was disrupted on September 10 following drone airstrikes which led to its shutdown the following day, rising oil prices and delaying exports to some international countries.

To solve this dilemma, Saudi Aramco sought to ship about 60 million barrels (mmbbl/s) crude oil from Ras Tanura to Oman’s Sohar port during September and October, according to Reuters. The company has loaded on September 20 about 14 mmbb/s onto seven very large crude carriers (VLCCs) at Ras Tanura.