Oil Prices Extend Decline on September 21 as WTI Falls to $95.59 and Brent to $100.06 Amid Diplomatic Push and Saudi Export Resilience

WTI crude oil fell 4.69 percent to $95.59 per barrel on September 21, while Brent dropped 3.67 percent to $100.06, extending losses for a fourth consecutive session as traders focused on diplomatic efforts to de-escalate the US-Iran conflict and signs that oil and LNG shipments through the Strait of Hormuz remain resilient despite reduced traffic, according to Trading Economics and Bloomberg data published September 21-22. The declines followed reports that President Trump rejected calls from Saudi Arabia to strike the Houthis and indicated he would probably be open to meeting Iranian President Masoud Pezeshkian during this week's UN General Assembly in New York, according to reporting cited by Trading Economics. Meanwhile, satellite images showed supertankers with capacity for 14 million barrels at Saudi Arabia's Gulf export terminals over the weekend, the highest tanker count observed since at least June, as the kingdom shifted crude exports back toward the Strait of Hormuz following the shutdown of the East-West pipeline on September 11. Saudi Arabia moved crude through the Strait of Hormuz at 2.9 million barrels per day over the past six days, according to JP Morgan data cited by Trading Economics and OilPrice.com. The four-day decline marks a reversal from the spike that followed the September 11 drone attacks on Saudi Arabia's East-West pipeline, which had pushed Brent above $105 earlier in the month. The combination of Saudi Arabia's export adaptation, Trump's diplomatic signals, and resilient Hormuz flows is easing immediate supply-disruption fears even as transit volumes remain well below the pre-crisis baseline of 85 vessels per day. However, the pullback leaves prices elevated compared to mid-summer levels, with WTI still up more than 53 percent compared to the same time last year and Brent up more than 50 percent year-on-year, reflecting the sustained impact of the Hormuz closure and global refining constraints on market fundamentals. The diplomatic win