Oil Prices Fall Amid Signs of Diplomatic Progress with Iran

Oil prices fell on Wednesday after US President Donald Trump announced that talks between the US and Iran were 'very good' and 'very productive', suggesting a possible shift towards diplomacy. The international benchmark, Brent crude, dipped to $98.91 per barrel, while West Texas Intermediate dropped to $89.93 per barrel.

The three-hour meeting between the two nations was seen as a positive development by some analysts, who noted that it moves the market away from pure escalation pricing and towards a genuine diplomatic process. However, others remain skeptical about a final deal being reached.

Saudi Arabia's decision to reboot operations along its East-West Pipeline also contributed to the decline in oil prices. The pipeline has been shut down by drones launched from Iraq, but Riyadh is aiming to resume exports later this week.