Oil Prices Fall For Sixth Straight Session As Saudi Pipeline Restart, US-Iran Talks Ease Supply Concerns
Oil prices extended their decline on Wednesday as markets reacted to signs of improving crude supply from the Gulf region and renewed hopes of diplomatic progress between the US and Iran. Brent crude futures dropped $1.09, or 1.1%, to $98.16 a barrel, while West Texas Intermediate (WTI) futures fell $1.50, or 1.67%, to $89.01 per barrel. Both benchmarks have declined for six consecutive sessions,…
Oil prices fell on Wednesday following President Donald Trump's claim that US and Iranian representatives held very good and productive talks at the United Nations. The international benchmark, Brent crude, and the primary US contract, West Texas Intermediate, dropped to $98.91 and $89.93 per barrel respectively in early Asian trade - significantly below the $100 threshold they had surpassed repeatedly since the Middle East conflict began in February.
Trump announced the meeting's success during a visit with Ukrainian President Volodymyr Zelensky, stating that another discussion between the two nations was set for the near future. Trump's remarks came shortly after he delivered a provocative speech at the UN, where he hinted at the possibility of either making a deal with Iran or swiftly destroying the Islamic Republic.
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- Oil prices fall after Trump hails 'very productive' US-Iran talks at UN middleeasteye.net
