Saudi pipeline restarts, Brent drops below $100; Nasdaq gains 2.1%, gold slumps over 3%

Monday, September 28, 2026 | Review: September 21–September 27

Concerns over Middle Eastern supply temporarily eased last week. Saudi Arabia's East–West pipeline resumed operations on September 22, while Iran signaled that it could reopen the Strait of Hormuz, helping Brent crude close below $100 a barrel for the first time since September 9. Risk appetite improved: the Nasdaq Composite posted successive record closes and gained 2.1% for the week, while US spot Bitcoin ETFs recorded their largest daily net inflow since October 2025. Chinese President Xi Jinping made a state visit to the United States, with limited economic and trade outcomes. Meanwhile, hawkish comments from Fed officials supported the dollar. At the start of this week, US President Donald Trump rejected Iran's proposal, Brent returned above $100, and spot gold fell more than 3% on Monday, dropping below $4,200 an ounce.

Last Week's Main Theme: Supply Concerns Ease but Rate-Hike Expectations Persist

Saudi Arabia's East–West pipeline restarted at reduced flows on September 22, with exports through Yanbu expected to resume that day. Saudi Aramco aimed to restore throughput of about 4 million barrels per day, although a full recovery could still take several weeks. Iranian officials said the same day that Iran could reopen the Strait of Hormuz within seven days if the United States eased military pressure and lifted its port blockade.

Following the Fed's September hike, several officials, including Cleveland Fed President Beth Hammack and Philadelphia Fed President Anna Paulson, signaled that further tightening could follow. Strong US PMI data on September 24 briefly lifted the dollar index above 101. CME FedWatch showed that, as of Monday, September 28, markets were pricing in roughly a 65% chance of another rate hike in October.

US–China Relations: Xi's US Visit Delivers Limited Trade Outcomes

Xi Jinping made a state visit to the United States from September 23 to 25 and met Trump at the White House. According to Reuters, the meeting focused on leader-level diplomacy without a major breakthrough on economic and trade issues. US Trade Representative Jamieson Greer said the two sides had agreed to exclude certain goods from their trade dispute, including US agricultural products and medical devices exported to China, and Chinese consumer products and non-sensitive goods exported to the United States. Details were due to be released on Monday. The two leaders said they would meet again during the APEC meeting in China in November and the G20 summit in Miami in December.

Oil: Brent Rebounds After Falling Below $100

Prospects of renewed US–Iran talks weighed on oil prices on September 21. The October WTI contract fell $4.52, or 4.5%, to settle at $95.78 a barrel. On September 22, the Saudi pipeline restart helped push Brent down 2.64% to $97.69, its first close below $100 since September 9.

On Monday, September 28, Trump rejected Iran's proposal to reopen the Strait of Hormuz within seven days, sending Brent back above $100 a barrel.

Gold: Retreat Extends Below $4,200 on Monday

With markets betting on further Fed tightening, spot gold was down 0.6% at $4,261.55 an ounce as of 20:06 Beijing time on September 24. Losses accelerated on Monday: at 16:58 Beijing time on September 28, spot gold was down 3.3% at $4,146.12, below the $4,200 level, while gold futures fell 3.3% to $4,178.05. Precious metals weakened across the board, with spot silver down 5.1% at $61.02 an ounce and platinum down 3.2% at $1,725.01.

The main mechanism behind the decline was that tensions in the Middle East lifted oil prices, which raised inflation expectations and reinforced expectations of Fed rate hikes. This pushed the dollar and Treasury yields higher, reducing the appeal of non-interest-bearing gold. Safe-haven demand stemming from geopolitical risk had yet to offset the pressure from higher rates.

Equities: Nasdaq Sets New Records and Gains 2.1% for the Week

Lower oil prices and hopes for US–Iran talks boosted risk appetite on September 21, with technology stocks leading gains. The Nasdaq surged 2.26% to 27,122.09, its first record close since June 2; the S&P 500 rose 1.49% to 7,764.70; and the Dow gained 0.71% to 52,048.83. The Nasdaq set another record on September 22, closing at 27,244.28.

All three major indices advanced on September 25: the S&P 500 rose 0.5% to 7,743.41, the Dow gained 0.9% to 51,828.62, and the Nasdaq climbed 0.5% to 27,068.72. Compared with the September 18 close, the S&P 500 gained 1.2% for the week, the Nasdaq rose 2.1%, and the Dow added 0.3%.

Cryptocurrencies: ETF Inflows Accelerate

Bitcoin touched roughly $87,400 intraday on September 21, its highest level since January. US spot Bitcoin ETFs attracted about $999 million in net inflows that day, the largest daily inflow since October 2025, including approximately $381 million into BlackRock's IBIT. According to SoSoValue, by September 25, spot Bitcoin ETFs had recorded six consecutive trading days of net inflows totaling about $2.84 billion. Cumulative flows for the year shifted from roughly $5.8 billion in net outflows on July 13 to about $800 million in net inflows. Bitcoin traded near $85,000 that day.

On Monday, Bitcoin slipped to around $82,958 and Ether fell to roughly $2,663 as Trump's rejection of Iran's proposal, rebounding oil prices and stronger rate-hike expectations weighed on sentiment.

This Week's Watchlist (Beijing Time)

Risk Warning: This article is for reference only and does not constitute investment advice. Financial markets involve risk, and past performance is not indicative of future results.