OIL headed for the longest losing streak in a year, as Saudi Arabia moved to restart a key pipeline and the US flagged progress in talks with Iran to end a war that’s rocked the Middle East.

Brent fell toward US$98 a barrel, dropping for a sixth day in a slump that’s seen it lose more than 9 per cent. That would be longest losing run for the benchmark since August 2025, months before Washington ignited the conflict in a joint attack on Iran with Israel. West Texas Intermediate for November fell below US$90.

In the Middle East, Saudi Arabia is aiming to restore oil exports via its critical East-West pipeline in the coming days, enabling Riyadh to resume a bypass of the Strait of Hormuz. The link — which has the capacity to carry 7 million barrels a day — was damaged in attacks earlier this month.

President Donald Trump said officials had a “very productive” meeting with Iranian envoys, even after he threatened to annihilate the Islamic Republic during a United Nations speech. More meetings are planned, he added.

Oil has still rallied by more than 60 per cent this year as Middle East hostilities disrupted shipments through Hormuz, the world’s most critical energy chokepoint.

The surge has boosted inflation, with product prices rallying even more than crude. Amid the fuels crunch, President Trump said he had encouraged his advisers to support a ban on US diesel exports.

Trump said his special envoys Steve Witkoff and Jared Kushner had participated in the meeting with the Iranian envoys. The US leader was also due to meet with officials from the Persian Gulf, including members of the six-nation Gulf Cooperation Council, as well as Syria, Iraq, Jordan and Turkey.

Multiple efforts to end the war between Washington and Teheran have so far proved fruitless, including an interim peace deal that was in effect for a short period.

Since then, the US has been blockading the Islamic Republic’s ports, limiting energy export revenues. In retaliation, Iran has been attacking ships in Hormuz.

After more than six months of conflict, the two sides remain at odds on a host of key issues, including Hormuz. Teheran has asserted its control over the waterway, while Washington insists its status remains unchanged.

In addition to the standoff between Iran and the US, there’s been fighting between Teheran-backed Houthi rebels in Yemen and Saudi Arabia. The group has struck energy facilities in the kingdom, while also making gains against local rivals along the Red Sea coast toward the Bab el-Mandeb chokepoint.

Traders also parsed a mixed report on US stockpile moves from the American Petroleum Institute, which showed a 1.8-million-barrel build in nationwide crude holdings, but declines in inventories of petrol and distillates. Official figures are due later on Wednesday. BLOOMBERG