Brent Crude Falls Below $98 as Iran Diplomacy Eases Supply Fears
Oil prices declined on Wednesday as US-Iran diplomatic efforts and increased Saudi oil flows alleviated supply concerns. Brent crude futures for November delivery traded at $98.49 a barrel, down 0.77% from the previous close of $99.25. WTI crude futures for November delivery fell over 1.3% to $89.28 a barrel.
US President Donald Trump confirmed that US officials had met with members of the Iranian delegation in New York, where the UN General Assembly is taking place. The meeting reportedly focused on Iran's conditions for reopening the Strait of Hormuz and lasted around three hours.
Saudi Arabia's East-West Pipeline has partially resumed oil flows at low levels through the pipeline, which enables exports via the Red Sea port of Yanbu. This easing of supply concerns put further downward pressure on prices.