Brent crude drops 10% as US-Iran talks raise hopes for Strait of Hormuz reopening

Brent crude oil fell for a sixth consecutive day, reaching its lowest level since September 8, down about 10% from this month's peak, as hopes rose for a US-Iran agreement following talks in New York. Iran submitted demands to reopen the Strait of Hormuz, including a return to the Memorandum of Understanding, an end to the war, lifting the blockade, and releasing frozen assets. Goldman Sachs expects China's oil purchases to remain subdued, with imports rising only modestly. Technical analysis suggests the uptrend remains intact, with Brent above its rising trendline and 50-day EMA, potentially dipping to $95 before bouncing. Key risks include prolonged conflict, limited Saudi flows, and falling inventories.