(Sept 22) : Oil steadied after a four-day slump, as Middle East supply concerns eased and traders tracked diplomatic efforts to end the US-Iran war.

West Texas Intermediate held above US$95 a barrel, after losing more than 9% over the four prior sessions, while Brent settled near US$100. Satellite data showed Saudi Arabia’s observed loadings from inside the Persian Gulf jumped over the weekend, suggesting the kingdom has shifted exports back toward the Strait of Hormuz following the shutdown of a key cross-country pipeline.

On the diplomatic front, President Donald Trump is set to address the United Nations General Assembly in New York later on Tuesday. The US leader has indicated that he’s open to meeting his Iranian counterpart, Masoud Pezeshkian, on the sidelines of the gathering, with US Ambassador to the UN Michael Waltz telling Fox News that Trump remained open to dialogue.

Oil has rallied more than 60% this year as the war in the Middle East disrupted energy flows through Hormuz, while the conflict between Russia and Ukraine damaged energy infrastructure. Moscow is set to extend a ban on most diesel exports beyond the end of September as Kyiv continues to attack its refineries.

In Libya, meanwhile, output at the country’s largest oil field has slumped by more than half after a pipeline running to the Zawiya export terminal was shut by an armed group. The Sharara field is currently pumping about 127,000 barrels a day, people with knowledge of the matter said.

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