International oil prices extended their downward trajectory on Wednesday, driven by expectations of upcoming talks between the United States and Iran, with Brent crude on track to record its longest consecutive losing streak since August of last year.

During Wednesday's Asian trading afternoon session, Brent crude slipped 0.8% to $98.43 per barrel, marking its sixth consecutive session of declines. Meanwhile, U.S. crude prices fell below the $90-per-barrel threshold, accumulating a drop of more than 10% over the past five trading days.

On Tuesday, signals from Saudi Arabia indicating a readiness to restart the east-west oil pipeline and resume crude exports along the Red Sea coast further weighed on prices. The downturn in oil prices contributed to fresh highs in U.S. equities this week, with optimism surrounding artificial intelligence developments pushing the Nasdaq 100 index to a new record on Tuesday.

Grace Tam, Deputy Chief Investment Officer for Asia at BNP Paribas Wealth Management, noted that the slide in oil prices has only slightly reduced market expectations for a Federal Reserve rate hike in October to a 53% probability. "I believe the market is skeptical that oil prices can sustain their decline without a resolution to the U.S.-Iran conflict—tensions could easily escalate again," she said.

Global bond markets stabilized on Wednesday, with the 10-year U.S. Treasury yield edging up 0.01 percentage point to 4.96%. Rising energy costs have stoked inflation concerns and pushed global bond yields higher. Earlier this week, Chicago Fed President Austan Goolsbee cautioned that if the current inflationary episode is driven by factors more persistent than the oil price shock, the Federal Reserve would need to adopt an "aggressive" and "front-loaded" policy response.