Oil and natural gas prices continue their downward trajectory as signs of progress emerge in US-Iran negotiations, while efforts to restore operations on a critical pipeline in Saudi Arabia appear to be advancing.
Brent crude fell to $98 per barrel in Wednesday’s trading session (September 23, 2026), while US WTI crude dropped below $90, extending its losing streak to a sixth consecutive session. The continued slide comes in the wake of positive developments, primarily regarding the repair of damage to Saudi Arabia’s East-West pipeline.
President Donald Trump stated that officials had a “very productive” meeting with Iranian envoys, adding that he is weighing whether to pursue a negotiated agreement or “eliminate the Islamic Republic.” Trump is also expected to meet with other Gulf leaders later this week.
Meanwhile, a senior Iranian government official confirmed that Tehran’s proposal had been transmitted to the United States, signaling that if Washington takes steps to lift the blockade that has severely curtailed Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days.
At the same time, Saudi Arabia is working to restore oil exports through the vital East-West pipeline within the coming days, which would allow Riyadh to resume use of an alternative route that bypasses the Strait of Hormuz.
Natural gas on track toward €70/MWh
European natural gas prices are also declining, falling below €72 per MWh in Wednesday’s session (September 23, 2026). This marks the lowest level since September 4, as renewed US-Iran dialogue has rekindled hopes for a diplomatic resolution.
Market sentiment was further lifted by President Donald Trump’s announcement that American officials held a highly productive meeting with Iranian representatives on the sidelines of the UN General Assembly, though no further details were provided.
Reports also indicate that Tehran has shown a willingness to reopen the Strait of Hormuz within seven days, provided Washington eases military pressure and lifts the blockade.
A growing number of LNG tankers and oil carriers rerouting through alternative passages has also helped ease some supply concerns. Nevertheless, uncertainty surrounding the conflict and energy shipping prospects remains.
European natural gas storage facilities are currently filled to just over 70% capacity — significantly below the five-year seasonal average of 85% — leaving the market vulnerable as the winter heating season approaches.
Meanwhile, Norwegian natural gas exports remain constrained due to ongoing maintenance work, with capacity nominations falling to 262.5 million cubic meters (mcm) per day, according to data from September 22, 2026.
