Oil Prices Plummet After Trump Announces US-Iran Talks
Oil prices dropped below $100 per barrel on Wednesday after US President Donald Trump announced that American and Iranian representatives had held talks at the United Nations.
The three-hour meeting was described by Trump as 'very good' and 'very productive', with another meeting planned soon. The talks came hours after Trump told the UN he faced a 'big decision' on whether to reach a deal with Iran or 'annihilate the Islamic Republic and do it quickly'.
The US and Iran remain at an impasse, with Iran keeping the Strait of Hormuz closed and the US maintaining a blockade of Iranian ports. Fighting involving Saudi-backed government forces and the Iran-backed Houthis in Yemen has also disrupted energy exports through the Red Sea.
Stephen Innes of Quintex Intel said that 'the three-hour US-Iran meeting matters because it shifts the market from pure escalation pricing toward a genuine diplomatic process, even if a final deal still looks distant.'