Market participants shifted their outlook on Brent crude on Sept. 21 following reports that the Saudi East-West pipeline outage was less disruptive than initially feared. Brent futures fell below $100 per barrel, while gasoline spot prices dropped 3 to 7 cents per gallon and diesel spots declined 17 to 27 cents per gallon. In the U.S. Great Lakes region, wholesale gasoline prices fell 60 cents per gallon from a September 17 peak.

Traders are now anticipating potential negotiations between the U.S. and Iran on the sidelines of the United Nations General Assembly meeting. These price decreases follow a period of volatility caused by the Saudi pipeline attack and refinery downtime in Illinois at an ExxonMobil facility, which drove fuel costs higher before operations resumed.