Brent Crude Oil Price Drops to $98.43 per Barrel

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Oil prices continued to decline during trading on September 23, driven by market optimism over the potential reopening of the Strait of Hormuz and increased oil supplies from the Persian Gulf region.

At the London-based ICE Futures exchange, the November futures contract for Brent crude oil fell by 0.83%, reaching $98.43 per barrel. The previous day, these contracts had dropped by 1.09%.

Meanwhile, on the New York Mercantile Exchange, November futures for West Texas Intermediate (WTI) crude oil slipped by 1.46%, settling at $89.2 per barrel. The day before, their value had decreased by 2%.

It was reported the previous day that Saudi Arabia had redirected some of its oil exports through the Red Sea, restoring operations of the East-West pipeline.

Additionally, U.S. President Donald Trump, speaking at the UN General Assembly, announced that U.S. representatives had held talks with the Iranian delegation on the sidelines of the event and indicated that another round of negotiations would take place "very soon."