Oil Prices Extend Losing Streak as US-Iran Talks Spark Hope

Oil prices continued their downward trend on Wednesday, falling for a sixth consecutive day as US-Iran talks revived hopes of a diplomatic breakthrough. Brent Crude prices dipped by about 1% to $98.30, while WTI Crude fell by 1.4% to below the $90-a-barrel threshold.

The market is pricing in the possibility of talks between the US and Iran, despite tough rhetoric from both sides. The Strait of Hormuz remains a concern for oil supply from the Middle East, but traders are hopeful that a deal could lead to the reopening of the waterway and recovery of oil flows.

US President Donald Trump said that the US and Iranian representatives had a 'very good meeting' and another one is scheduled in the near future. This news has given traders a glimmer of hope, according to Tim Waterer, chief analyst at KCM Trade.