Oil has retreated for a third consecutive day, with supply concerns easing as investors await signals on the next steps in the conflict between the United States and Iran.
Brent crude is trading at $102.42 per barrel, down 2.42%. The West Texas Intermediate (WTI), the US benchmark, has fallen 2.16% to $99.75 per barrel.
In the Middle East, Saudi Arabia is repairing its East-West pipeline, which links to the Red Sea, with the aim of restoring half of its supply capacity within a matter of days. Meanwhile, some oil tankers continue to transit the Strait of Hormuz, although traffic volumes remain subdued.
A meeting between US President Donald Trump and representatives of Persian Gulf states is scheduled for next week on the sidelines of the United Nations General Assembly. Trump told Axios that the meeting is expected to produce a significant decision regarding the continuation of strikes against Tehran.
China is reported to have privately urged Iran to rein in Houthi rebels, who have advanced in Yemen toward the strategic chokepoint of Bab el-Mandeb and continued attacks on Saudi Arabian facilities.
Oil has recorded a sharp rally since January, with Brent accumulating a gain of nearly 70% since the start of the year. The price surge continues to fuel inflation concerns, while Goldman Sachs Group forecasts further increases in gasoline prices.
“The recent pullback in oil prices appears to reflect a cooling of geopolitical risk rather than a concrete reversal of the situation,” Priyanka Sachdeva, head of market analysis at Phillip Nova Pte Ltd. in Singapore, told Bloomberg. She added that prices remain above $100 per barrel and that, while investor sentiment is less bullish, it is far from bearish.
The duration of the Iran war and its impact on energy flows are becoming increasingly difficult to predict, analysts at JPMorgan Chase & Co. told Bloomberg. “For the first time since the conflict began, we do not have a base-case scenario. We simply do not know how to model the outcome,” they concluded.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/18/commodities-3/petroleo-recua-pelo-terceiro-dia-investidores-esperam-por-novos-dados-sobre-o-futuro-do-conflito-no-irao/
