Saudi Arabia has begun testing its East-West pipeline for structural integrity and pressure, while U.S. officials engaged in talks with Iranian counterparts during the UN General Assembly. Iranian merchant ships remain anchored in the Strait of Hormuz near Bandar Abbas as of Sept. 8, 2026. Brent crude futures rose 0.36% to $99.57 per barrel, while WTI fell 0.44% to $90.12.

President Donald Trump described a 'very good meeting' with Iran's delegation, lasting about three hours, and stated he has a 'big decision' on whether to pursue a deal or 'annihilate' the country. Reuters reported Iran may reopen the Strait of Hormuz within a week if the U.S. eases military pressure and lifts its blockade of Iranian ports. Stock Pro CEO Paolo Broccardo noted oil prices have dropped nearly 12% over five sessions, retreating from the 'intervention zone' above $100, and said mediation efforts could limit broader escalation.

He added oil prices are unlikely to spike significantly in the near term.