Oil prices extended their losing streak to a sixth session, slipping further below $100 a barrel, as optimism over US-Iran negotiations and signs of restored Middle Eastern supply weighed on crude markets.
Brent crude fell roughly $1 to $98.32 a barrel after closing below the psychological mark yesterday for the first time in more than two weeks. A full six-day decline would mark the longest losing run for oil since August 2025, according to Bloomberg data.
Reuters reported that Saudi Arabia has restarted operations at its east-west pipeline and may have already resumed crude exports from the Red Sea port of Yanbu, according to sources. The development adds to supply concerns easing following weeks of disruption risk in the region.
Meanwhile, former US president Donald Trump spoke of progress in talks with Iran but also warned he would "annihilate" the country if no deal is reached. Iranian President Masoud Pezeshkian is scheduled to address the UN General Assembly later in the day, with reports suggesting he may hold a bilateral meeting with Trump.
In separate diplomatic developments, Chinese President Xi Jinping arrived in Washington for talks with Trump, intensifying speculation that a US-China trade truce will be extended. Discussions are also expected to cover cooperation on artificial intelligence. Trump addressed AI during his UN speech yesterday, describing it as "super intelligence" and rejecting efforts to regulate it.
The AI theme lifted technology stocks across Asia. South Korea's Kospi gained nearly 0.7% and Taiwan's market rose 0.75%, while Japan's exchanges were closed for the Silver Week holiday. China's CSI 300 slipped 0.5%, bucking the regional trend of a sixth consecutive session of gains.
Meta Platforms' new personal Muse agent topped US app download charts since launching two weeks ago, underscoring continued momentum in generative AI consumer products.
In currency markets, the dollar climbed to a two-month high on expectations of near-term interest rate hikes. Sterling dipped 0.2% to $1.3316 and the euro weakened 0.2% to $1.1423, marking its lowest level since July.
