Oil prices hit two-week low on Iran diplomacy hopes, Saudi pipeline restart

Oil prices fell for a fifth straight session to a two-week low on Tuesday, driven by hopes for renewed diplomacy to end the Iran war and optimism over the reopening of a key Saudi Arabian pipeline. Brent crude briefly slipped below $98 per barrel and U.S. crude fell below $93, their lowest since Sept. 8. Reports of Iran offering to reopen the Strait of Hormuz, though unconfirmed and denied by Iranian media, fueled the decline. President Donald Trump signaled willingness to meet Iranian President Masoud Pezeshkian, while Secretary of State Marco Rubio said the U.S. was open to such a meeting. Reuters reported the Saudi east-west pipeline, shut since Sept. 11 after Houthi attacks, had restarted and could resume exports from a Red Sea port. Both oil benchmarks remain over 60% higher since the start of the year, with retail gas at $4.47 per gallon and diesel at a record $6.52. Bond yields fell and global stocks rallied on the price drop.