- Brent November futures fell 0.8% to $98.49 a barrel, extending a six-day pullback that has cut the contract about 9.5% since the prior Tuesday's close — the longest losing streak since Aug 2025.
- US West Texas Intermediate fell 1.2% to $89.41 a barrel, also on track for a sixth straight daily loss.
- The selloff followed Tuesday talks between US and Iranian delegations at the UN General Assembly, which lifted hopes that Middle East supply disruptions ease. Brent still trades more than a third above its pre-war price after the Iran war and the shutdown of the Strait of Hormuz.
- Treasury yields moved lower in tandem with oil: the 10-year fell 2bp to 4.947%, the 2-year 2bp to 4.758%, and the 30-year 2bp to 5.287%.
- Bank Indonesia kept its key rate unchanged for a third straight meeting, leaning on currency intervention rather than hikes as higher oil prices and US yields renew pressure on the rupiah.
Quotes
“Prices fell after U.S. and Iranian delegations held talks at the U.N. General Assembly on Tuesday, lifting hopes that supply disruptions in the Middle East may ease.”
“Indonesia’s central bank kept its interest rate unchanged for a third straight meeting, choosing to rely on currency intervention and other policy tools as higher oil prices and US yields renew pressure on the rupiah.”
“Brent crude falls below $99 a barrel in Asian trading amid talks over Middle East conflict”