Oil prices drop over 2% as Saudi exports recover and US-Iran talks loom

Crude oil prices fell more than 2% following signs of recovering Saudi Arabian oil exports and potential renewed US-Iran diplomacy. BP and Shell shares declined in early trading as Brent crude dropped to $101.65 a barrel and WTI to $93.97. The market reacted to remarks by Donald Trump about possibly meeting Iranian President Masoud Pezeshkian, reducing geopolitical risk premiums. Additionally, Saudi Arabia is expected to restore half of its damaged East-West pipeline capacity soon, with exports rising to over 4 million barrels per day in September from 2.4 million in August. Despite recent missile attacks by Yemen’s Houthi movement, supply risks remain due to pipeline impairments and reliance on the Strait of Hormuz.

Shell shares edged down by 0.14% to USD 94.41 on Pluang as of Sep 21, 2026 15:01 WIB. The stock's market cap stands at $269.97 billion with a dividend yield of 3.31%. Despite oil price drops, Shell remains near its 52-week high of $98.95, showing relative stability in energy sector trading.