Oil drops on improved supply outlook

Oil prices declined today, Wednesday, following improved expectations of Gulf supplies after Saudi Arabia resumed operations of the East-West pipeline. This coincided with market optimism about the potential for a diplomatic solution between the United States and Iran. Brent crude fell by 1.1% to $98.16 per barrel, while pressure increased from forecasts of rising U.S. inventories, which increased by 1.8 million barrels in the week ending September 18, amid growing supplies from the Gulf. Bank of America projected that the average price of Brent would be around $95 in the second half of 2026, amid rising concerns over supply disruptions due to regional conflicts.

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