Brent crude slipped below $99 a barrel, falling as low as $97.77 in the overnight hours, as renewed US-Iran diplomacy and prospects for restored Saudi oil exports eased supply concerns. But as Goldman Sachs energy experts warned on Tuesday, the global refining nightmare will persist through next year.
The benchmark has slipped nearly 11% since mid-month after topping out around $109.65. Reports this week of a partial restart of Saudi Arabia's East-West pipeline and Asian buyers being slated to resume cargo loadings at Yanbu offered some relief to a tight physical market.
Full East-West pipeline repairs could take as long as two months, according to local reports. Even limited operations would ease the immediate supply squeeze.
President Trump said US officials held "very good" talks with Iranian representatives at the United Nations General Assembly in New York on Tuesday.
Special envoy Steve Witkoff and Jared Kushner participated in the three-hour talks with their Iranian counterparts on the sidelines of UNGA.
"I feel very good right now," Witkoff said after the meeting. He wrote on X late Tuesday that the US hopes the talks
