Oil prices fall on US-Iran negotiations

Brent crude oil prices have dropped to their lowest level in two weeks following US President Donald Trump's hints of progress in negotiations with Iran, and the country's supreme leader empowering the government to pursue peace talks. While a risk analyst cautioned that Trump's positive signals may be tactical ahead of the US midterm elections, another markets analyst suggested that the president might try "one last throw of the iron dice" following the vote.

However, experts have raised doubts about Washington's capacity to launch a renewed war effort, as US Gulf bases have suffered billions of dollars' worth of damage and interceptor supplies are depleted by more than half.

Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.