Crude oil price falls $1 on better supply outlook amid hopes for US-Iran talks

Oil prices fell $1 on Wednesday, with Brent crude futures down $1.09 to $98.16 a barrel and West Texas Intermediate futures down $1.50 to $89.01 per barrel. The decline was driven by improved Gulf supply after Saudi Arabia restarted operations at a critical pipeline and hopes for a diplomatic solution to the US-Iran conflict. While US President Donald Trump warned of annihilating Iran, he also suggested his envoys had productive talks with Iranian mediators to end the war.

Optimism around improved supply and the potential for a resolution drove benchmark Brent down to below $100 a barrel for the first time since September 8.

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