Global markets rise as oil prices fall amid US-Iran diplomatic talks and US-China summit

Sep 21, 2026

Global financial markets are rising as Brent crude oil falls to $98.51 per barrel, marking its sixth straight day of declines. The drop is driven by optimism surrounding a productive three-hour diplomatic meeting between U.S. and Iranian officials at the United Nations, alongside reports of the Strait of Hormuz reopening. Meanwhile, investors are closely watching Washington as U.S. President Donald Trump and Chinese President Xi Jinping prepare for a high-stakes bilateral summit to discuss trade, tariffs, and AI safety.

Global equity market movements

▪South Korea's Kospi index rose 0.9% on September 23, 2026, while mainland China's CSI 300 closed 0.6% lower.
▪India's benchmark BSE Sensex climbed 283.66 points to 74,812.74 in early trade on September 23, 2026, while the NSE Nifty rose 85.55 points to 23,414.55.
▪The tech-heavy Nasdaq Composite rose 0.5% to close at a record high on September 22, 2026, marking its fourth consecutive positive session.
▪The Dow Jones Industrial Average fell 0.4% on September 22, 2026, while the S&P 500 finished flat.

Oil prices fall on diplomacy

▪Brent crude oil futures fell to $98.51 per barrel on September 23, 2026, marking a sixth consecutive day of declines and its longest losing streak since August 2025.
▪Oil prices declined as vessel traffic and energy flows through the Strait of Hormuz picked up, amid reports that Iran raised the prospect of reopening the critical waterway.
▪West Texas Intermediate crude futures fell 1.03% to $89.59 per barrel on September 23, 2026.

US-Iran diplomatic talks

▪The three-hour U.S.-Iran meeting at the United Nations included President Donald Trump's business associate Steve Witkoff and son-in-law Jared Kushner
▪President Donald Trump stated at the United Nations that he faces a decision on whether to reach a deal with Iran or annihilate the country.
▪President Donald Trump stated that U.S. and Iranian officials held a productive three-hour meeting on September 22, 2026, on the sidelines of the United Nations General Assembly.

Trump-Xi summit expectations

▪U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to hold a high-stakes summit in Washington from September 23 to 25, 2026.
▪U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in New York on September 20, 2026, to discuss trade, tariffs, and artificial intelligence safety.
▪The U.S. and China have discussed reciprocal tariff reductions covering $30 billion worth of goods from each side ahead of the Trump-Xi summit scheduled for September 23-25

Myer reports annual loss

▪Department store chain Myer reported a full-year net loss of $276 million amid a material downturn in consumer sentiment and weak discretionary spending.
▪Myer's majority shareholder Solly Lew has joined the department store chain's board of directors following the annual loss announcement.

Central bank rate hikes

▪The Bank of Japan's interest rate hike to a 31-year high was passed in a split decision with two dissenting votes.
▪The U.S. Federal Reserve and the Bank of Japan both raised interest rates in September 2026, fanning expectations of further global monetary tightening.

Debatable claims

▪The US should ban diesel exports to lower domestic fuel prices
▪The US should agree to reciprocal tariff reductions with China
▪Private business associates and family members should not participate in official US diplomatic negotiations