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Brent crude oil price chart showing decline during six-session losing streak, September 2026
Photo: Rigzone

Brent Crude Falls Below $100 as Saudi Pipeline Restarts

OilPrice.com2 min read6 sources

Why is oil falling today?

Brent crude (BZ=F) fell 2.9% to $98.78 on Wednesday — its sixth straight loss — after Saudi Aramco's East-West Pipeline restarted partially and U.S.-Iran talks at the UN raised hopes of Hormuz reopening.

Key numbers

Brent Crude Price (Sep 23)$98.78/bbl-2.9% on day; -9.2% from Sep 15 peak of $108.75
Restart Capacity Target~4 million b/dvs. 7 million b/d full nameplate capacity
Shutdown Duration11 daysSep 11–Sep 22; three of eleven pumping stations damaged
WTI Crude (Sep 23)$89.57/bbl-0.8% on day; $9.21 discount to Brent
Brent Losing Streak6 consecutive sessionsLongest since August 2025; streak began Sep 16

What happened

Brent crude (BZ=F) fell 2.9% to $98.78 on Wednesday — its sixth straight loss — after Saudi Aramco's East-West Pipeline restarted partially and U.S.-Iran talks at the UN raised hopes of Hormuz reopening. The 1,200-km pipeline, which carries crude from Saudi Arabia's eastern fields to its Red Sea port at Yanbu, was shut September 11 when drone attacks from Iraq's Maysan province damaged three of eleven pumping stations. Aramco restarted it September 22 at a reduced rate targeting 4 million barrels a day, but full restoration of the 7-million-b/d nameplate capacity is six to eight weeks away. President Trump's openness to meeting Iran's president at the UN General Assembly added further supply-relief optimism.

Why it matters

Oil prices feed directly into petrol costs, airline tickets, and the price of everyday goods — so a genuine supply recovery matters to household budgets worldwide. The East-West Pipeline shutdown briefly pushed Brent above $108, adding roughly $7 to each barrel in under a week. A Brent crude break below $100 — the first since September 8 — signals the market now sees enough supply returning to ease the crisis, though full pipeline restoration and any Iran deal are still weeks or months away.

Who this affects

Marketbearish
Medium impact
Oil below $100 eases inflation but pressures energy stocks.
Companybearish
Medium impact
Aramco faces revenue losses while pipeline runs below capacity.
Competitorsneutral
Low impact
Rival exporters gain market share during Aramco's pipeline outage.
Industrybearish
Medium impact
Energy ETFs and oil stocks fall as Brent breaks below $100.

Brent Crude vs WTI, Saudi Aramco, XLE Energy ETF

Brent CrudeBZ=F$98.78/bbl-2.9%-9.2%+43.4%
WTI CrudeCL=F$89.57/bbl-0.8%—+38.3%
Saudi Aramco2222.SR25.64 SAR-0.9%—+15.2%
XLE Energy ETFXLE$61.78-1.1%—+47.4%

As of 2026-09-23

How we got here

  1. Drone attacks from Iraq's Maysan province shut Saudi East-West Pipeline.

  2. Brent spiked to $108.75, highest level since early 2026, on supply shock.

  3. Six-session losing streak begins as Iran diplomacy signals ease supply risk.

  4. Aramco restarts pipeline at partial capacity; Brent falls below $100.

  5. Sixth straight loss; Trump-Iran UN talks advance; Brent trades at $98.78.

What to watch

  • Full pipeline restoration to 7 million b/d — Aramco's 6–8 week timeline.2026-11-05
  • Iran-U.S. UNGA diplomacy: whether talks yield a Hormuz reopening deal.2026-09-26
  • OPEC+ response: whether falling prices trigger a production cut decision.Q4 2026

Educational content only. Not investment advice.

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