Oil prices fall towards $102 amid Saudi supply recovery, US-Iran uncertainty

Oil prices fell on Monday, 21 September 2026, as traders tracked how quickly Saudi Arabia could restore crude shipments after Saturday's strikes by Iran-backed Houthis involving missiles and drones, according to CNBC. Brent futures were down 1.91 per cent at $101.89 a barrel, while West Texas Intermediate fell $1.78, or 1.85 per cent, to $94.30 a barrel by 10:15 am PST.

JPMorgan analysts, in a note dated September 18, said regional oil flows have stayed fairly steady despite disruption to Saudi Arabia's East-West pipeline. Flows across the region ran at 17.1 million barrels daily over the previous 10 days, which is 6.1 million barrels per day below the 2025 average.

Market worries about supply interruptions remain high amid the unresolved U.S.-Iran conflict. Trump told Fox News he was in a deciding mode and expected major developments soon, while also issuing a stern warning. Prices are expected to stay sensitive to the pace of export recovery and diplomatic progress, and any fresh shipping setbacks could tighten physical supply.