Global oil prices dropped under the $100 mark as markets anticipated a rebound in Middle East crude supplies.
Brent crude futures for November delivery on London’s ICE Futures Exchange closed at $99.25 a barrel, a decline of 1.1% from the prior trading session.
This marked the first time Brent, the international benchmark, has dipped below $100 since September 8, when it stood at $97.92.
Meanwhile, on the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for October delivery settled at $94.59 a barrel, down 1.2% from the previous day.
The price movement followed remarks by U.S. President Donald Trump, who presented Iran with a stark choice — negotiation or “total annihilation” — during his keynote address at the UN General Assembly’s high-level segment in New York. Despite the harsh framing, markets leaned toward optimism over a potential diplomatic outcome.
“Will we make a deal with Iran so they can rebuild and make their country greater than ever before? Or will we quickly annihilate Iran, giving them no further opportunity to kill people and destroy nations?” Trump asked in his address.
He added: “It makes no sense for them not to negotiate, so I believe a deal will be reached right after the election.”
While Iran’s delegation walked out of the assembly following Trump’s use of the words “hell” and “annihilation,” the market largely shrugged off the moment, focusing instead on easing supply disruptions in the Middle East.
Trump highlighted that the U.S. military had recently escorted a tanker through the Strait of Hormuz — though it’s worth noting the figure of “1 billion barrels” cited for that single tanker is almost certainly a misstatement in the original source, since even the largest crude carriers (VLCCs) hold roughly 2 million barrels. He also noted that more crude than ever is now passing through the strait under U.S. protection.
Adding to the supply outlook, Saudi Arabia’s East-West pipeline — previously damaged by attacks from Yemen’s Houthi rebels — has reportedly resumed operations. Multiple outlets indicate the pipeline is expected to regain much of its throughput by the weekend, with exports set to resume around September 29.
Separately, shipping data firm Kpler reported the highest shipment volume since the outbreak of the Iran conflict at Saudi Arabia’s Ras Tanura port, where six very large crude carriers departed carrying a combined 12 million barrels.