Brent crude slips toward $100 as pipeline restarts, US-Iran talks ease supply tensions

KUALA LUMPUR, 23 SEPTEMBER 2026 —

Brent crude slipped back toward $100 a barrel on Wednesday after losing more than 9.5% from its recent peak of $109.72, as Saudi Arabia’s east-west pipeline resumed operations, U.S.-Iranian talks were described as productive, and U.S. crude inventories rose unexpectedly, according to the Moomoo report.

The pipeline linking Saudi Arabia’s eastern production fields with the Red Sea export terminal at Yanbu restarted on September 22 after a drone attack forced a shutdown on September 11, the Moomoo report said. Only a reduced-capacity restart is under way while damaged pumping stations are repaired, with full restoration potentially taking several weeks.

The pipeline’s design capacity of 7 million barrels per day had temporarily rerouted about 4 million barrels daily—roughly 4% of global supply—after the attack, according to the report.

The resumption partially unwinds the "single-export-path" risk premium that had pushed prices higher, as alternative routes now operate alongside the Strait of Hormuz, the Moomoo report noted. Saudi Arabia’s continued loading on the Hormuz side—tracking data showed roughly 14 million barrels loaded onto supertankers over the weekend—has helped stabilize short-term supply, though logistical constraints in the region remain.

Meanwhile, U.S.-Iranian talks during the UN General Assembly were described as "very good and very productive" by U.S. President Donald Trump, who added that another round would be scheduled soon, according to the Moomoo report. Special Envoy Steve Witkoff called the discussions constructive, though market reactions focus on the shift in pricing dynamics rather than a concrete agreement. The Strait of Hormuz remains a critical chokepoint, and any new developments could swiftly reshape contract structures.

U.S. commercial crude oil inventories rose by 1.7 million barrels in the week ending September 18, exceeding expectations of a 578,000-barrel decline, according to data from the American Petroleum Institute cited in the Moomoo report. Gasoline and distillate inventories each fell by roughly 2.2 million barrels, while Cushing crude stocks increased by an additional 2.08 million barrels. The build in crude inventories alongside refined product drawdowns suggests easing supply pressures rather than collapsing demand.

Traders will watch the U.S. Energy Information Administration’s official inventory data, set for release at 10:30 p.m. Wednesday, to assess whether the build reflects a one-off mismatch or sustained supply easing, the Moomoo report noted. Minor adjustments in refinery utilization or imports can distort weekly readings, making the breakdown of commercial inventories and Cushing stocks more informative than the headline figure.

Technical indicators show volatility persisting. The Moomoo report showed Brent crude’s Bollinger Bands—with a middle band at $97.35, upper at $110.68, and lower at $84.02—currently trading near the midpoint after retracing from its peak. The MACD histogram has turned negative, signaling subdued momentum, while the 52-week range of $58.72 to $126.41 underscores ongoing volatility.

For Malaysian investors, softer crude prices ease cost pressures on energy-intensive sectors such as petrochemicals and transportation, though long-term stability remains uncertain amid geopolitical risks. The Moomoo report stated Brent remains over 60% above year-end levels, highlighting persistent upward pressure despite recent declines.