Oil's Longest Losing Streak in Over a Year

Oil prices are heading for their longest losing streak in more than a year. Two developments are driving the decline. First, Saudi Arabia has moved to restart a key pipeline. This increases supply and pushes prices down. Second, the US has signaled progress in talks with Iran. These talks aim to end a war that has shaken the Middle East. A possible end to the conflict reduces concerns about oil supply disruptions. Together, these factors are weighing on the market.