Global oil prices decline for 7th straight day

On Thursday (September 24), international benchmark Brent crude dropped by 94 cents, or 0.9 per cent, to settle at $102.13 per barrel.

Simultaneously, US West Texas Intermediate (WTI) crude fell by 59 cents, or 0.39 per cent, trading at $91.56 per barrel.

The extended decline follows a brief 4 per cent surge in earlier sessions, before prices reversed after Tehran signaled a willingness to keep diplomatic avenues open to address ongoing regional tensions. However, substantial policy differences between Washington and Tehran remain unresolved.

Meanwhile, global bond markets showed relative stability on Wednesday. Yields on the US 10-year Treasury note edged up by 0.01 percentage points to 4.96 per cent, reflecting ongoing market sensitivity to inflation risks driven by energy price volatility.

Austin Goolsbee, President of the Federal Reserve Bank of Chicago, issued a caution earlier this week, emphasizing that if recent inflationary pressure stems from broad structural factors rather than temporary energy price spikes, the Federal Reserve may need to take swift and aggressive policy action.