Brent crude fell below $99 a barrel in early trading on Wednesday, 23 September 2026, as renewed US-Iran diplomatic contact and reports of improving Saudi export capacity reduced some of the geopolitical premium that had driven energy prices sharply higher earlier in the month.
Brent was trading around $98.49 a barrel on Wednesday morning, down from $99.39 at the London market close on Tuesday, 22 September, while West Texas Intermediate was near $90.14.
Reports emerging on Tuesday and early Wednesday that Saudi Arabia had restarted its East-West Pipeline and could resume exports through the Red Sea port of Yanbu added to expectations that more crude could reach international markets despite disruption elsewhere in the region.
Lower oil prices could weigh on BP and Shell at Wednesday’s London open, while providing some relief for airlines, retailers and other businesses exposed to fuel, freight and energy costs.
Wall Street had finished mixed on Tuesday night, with the Nasdaq Composite gaining 0.45% to a record 27,244.28, its second consecutive record close. The S&P 500 was virtually unchanged and the Dow fell 0.36%.
Asian markets were mixed during Wednesday’s trading session. South Korea’s Kospi gained around 1.2% and Taiwan rose 0.9%, while Hong Kong fell approximately 1% and Shanghai declined 0.4%.
In early Wednesday currency and commodity trading, sterling eased to around $1.3315, while gold held near $4,329 an ounce.
Bitcoin was trading close to $87,000 on Wednesday morning, remaining near its highest level in around eight months.
For UK investors, the report is therefore a Wednesday morning market update, comparing current prices with Tuesday’s London close and summarising overnight moves in the US and Wednesday’s Asian session.
UK Prime Minister Andy Burnham is also using this week’s UN General Assembly to push international cooperation on artificial intelligence, with the government planning to make AI a major priority of the UK’s 2027 G20 presidency.
