Brent crude fell below $99 a barrel on Tuesday, extending losses into a fifth consecutive session and reaching its lowest level in two weeks as hopes of a possible reopening of the Strait of Hormuz eased concerns over global oil supply.
The decline followed reports that Iran could reopen the strategic waterway within seven days if the United States lifts its blockade on Iranian ports, potentially creating room for discussions between Tehran and Washington.
The Strait of Hormuz is a major route for global oil shipments, making developments around access to the waterway a key factor for crude prices and energy markets.
U.S. President Donald Trump is due to address the United Nations General Assembly in New York, where he may also meet Iranian President Masoud Pezeshkian on the sidelines.
Meanwhile, Saudi oil moving through the Strait of Hormuz averaged about 2.9 million barrels per day over the previous six days, according to satellite data cited by Reuters, up from about 700,000 barrels per day in August.
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Satellite imagery also showed supertankers with a combined capacity of about 14 million barrels at Saudi Gulf export terminals, the highest number observed there since at least June.
The increased movement of crude and the possibility of easing restrictions around the Strait of Hormuz have added to expectations of improved oil supply, putting further pressure on prices.
