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9/23/2026

Oil Just Fell to a Two-Week Low. Saudi Arabia and Iraq Are Quietly Rerouting Around the Strait of Hormuz

Oil prices extended a six-session decline Wednesday, with Brent crude falling to $98.16 a barrel and West Texas Intermediate dropping to $89.01, both settling at roughly two-week lows. Brent closed below $100 a barrel Tuesday for the first time since September 8, a notable reversal after weeks of escalation-driven price spikes that we’ve tracked closely throughout this conflict.

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