Oil prices are heading for their longest run of weekly declines in a year, buoyed by Saudi efforts to restart a crucial pipeline and signals of progress in US-Iran negotiations.

Brent crude slipped to near $98 a barrel, marking a sixth consecutive trading day of losses with a cumulative drop exceeding 9%. This would represent the benchmark's most extended losing streak since August 2025, just months before Washington and Israel's joint strike on Iran ignited the conflict. Meanwhile, West Texas Intermediate futures hovered around the $90 mark.

In the Middle East, Saudi Arabia aims to restore crude exports through its east-west pipeline within days, a move that would allow Riyadh to bypass the Strait of Hormuz. This artery, capable of moving 7 million barrels per day, was damaged during attacks earlier this month.

Washington's top diplomat stated that officials held "very productive" discussions with Iranian representatives, despite previous threats made by the US president at the United Nations to annihilate Iran. The president also noted that both sides have agreed to schedule further engagements. He confirmed rare direct contact between American and Iranian delegations at the General Assembly, describing the three-hour session as going "quite well."

Hostilities across the Middle East have disrupted shipments traversing the Strait of Hormuz, propelling crude prices up over 60% this year. The surge in oil costs has stoked inflation, with refined fuel products seeing even steeper price increases than unprocessed crude. Amid fuel shortages, the White House confirmed it has pushed for a ban on US diesel exports.

The November Brent contract declined 0.8% to $98.51 per barrel, while the November WTI contract fell 1.1% to $89.56 per barrel.