Crude Oil Prices Fall Below $100 Per Barrel Amid Supply Recovery and US-Iran Deal Hopes

International crude oil prices continued to fall by more than $1 on September 23, 2026, as investors observed a recovery in supply from the Gulf region, following Saudi Arabia's reactivation of a key oil pipeline, and a glimmer of hope for diplomatic solutions to the conflict between the United States and Iran. This is according to a report by Reuters. Brent crude oil prices dropped by $1.09, or 1.1%, to $98.16 per barrel as of 11:20 AM (Cambodia time), while U.S. West Texas Intermediate (WTI) crude oil prices also fell by $1.50, or 1.67%, to $89.01 per barrel. Both oil futures contracts have now fallen for six consecutive days, marking their lowest levels in approximately two weeks. Although U.S. President Donald Trump warned on Tuesday that he could "totally destroy" Iran, he also stated that his envoys, Steve Witkoff and Jared Kushner, had productive discussions with Iranian mediators to end the conflict. Analysts observe that the positive outlook regarding improved oil supply, coupled with the push to end the nearly seven-month conflict between the U.S. and Iran, has led to Brent crude oil prices falling below $100 per barrel in the latest trading on Tuesday, the first time since September 8. Tim Waterer, Chief Market Analyst at KCM Trade, commented, "Traders are currently seeing a more positive outlook for global oil supply compared to two or three weeks ago." Meanwhile, Saudi Arabia was reported on Tuesday to have resumed operations of its East-West pipeline towards the Red Sea, with signs also indicating an increase in oil flow in the Middle East region.