Oil prices declined on Tuesday, September 22, 2026, amid speculation that the United States and Iran may make progress on talks to end the Middle East war. The Brent international crude benchmark dipped below $100 a barrel, driven by hopes of a potential meeting between US President Donald Trump and Iranian President Masoud Pezeshkian at the UN General Assembly in New York. Additionally, expectations that Saudi Arabia will quickly resume flows through its East-West pipeline added to the downward pressure on oil prices.
A tech rally fueled by enthusiasm about Meta's new AI agent, Muse, faded in European markets on Tuesday. The AI agent, which can book travel, send emails, and make purchases, was released this month and topped the download charts. However, gains in tech shares faded in Tuesday trading in New York, with Meta shares up around 1.2 percent in morning trading after surging 11 percent on Monday. The AI sector has experienced a rough few months, and widespread adoption of Muse could potentially lift the sector.
The US-China trade war remains a key concern for traders, with a summit scheduled for Thursday between Trump and China's President Xi Jinping. The two leaders are expected to focus on trade between the world's two biggest economies. US and Chinese economic officials met in New York on Sunday to discuss trade and artificial intelligence, laying the groundwork for the summit. The meeting covered the creation of a communication channel for AI concerns, amidst warnings of an AI apocalypse.
The role of AI in society and its threat to jobs and cybersecurity will be a major topic at the UN General Assembly. Leaders are expected to discuss an international framework for AI, although Trump has criticized calls to slow the technology's development. Kathleen Brooks, research director at trading group XTB, noted that widespread adoption of Muse could add to demand for other AI tools, potentially lifting the AI sector.
Alibaba unveiled what it hailed as China's most powerful AI chip at its annual Apsara Conference, along with plans to boost data centre capacity. The firm has invested tens of billions of dollars in artificial intelligence. The company's efforts to advance AI technology come as the sector continues to grow and play a larger role in society.
In late-morning trading, the Dow was lower, while the Nasdaq showed only a small gain. Wall Street indices opened higher on Tuesday, a day after the Nasdaq hit an all-time closing high on Monday. Asian benchmarks mostly rose after Wall Street's rally, with the Hong Kong Hang Seng Index up 0.2 percent at 25,087.75.
Key figures at around 1530 GMT included Brent North Sea Crude down 0.7 percent at $99.61 per barrel, and West Texas Intermediate down 0.4 percent at $95.38 per barrel. The Dow was down 0.5 percent at 51,786.51 points, while the Nasdaq Composite was up 0.4 percent at 27,216.41.
Key points
- Oil prices fell on hopes of US-Iran talks.
- AI stock enthusiasm waned in European markets.
- US-China trade war remains a key concern.
