Oil Prices Plummet After Trump Hails 'Good' US-Iran Talks
Oil prices fell on Wednesday after US President Donald Trump said that talks between the United States and Iran at the UN were 'very good', 'very productive', and another meeting is scheduled soon.
The international benchmark, Brent crude, dropped to $98.91 per barrel, while the main US contract, West Texas Intermediate, fell to $89.93 per barrel in early Asian trade.
This comes after Trump's bellicose address to the UN, where he said he faced a 'big decision' on whether to make a deal with Iran or 'annihilate the Islamic Republic and do it quickly'. The conflict between the US and Iran has been ongoing for nearly seven months, with both sides remaining at an impasse.
Analyst Stephen Innes from Quintex Intel said that the meeting matters because it shifts the market's focus from pure escalation pricing to a genuine diplomatic process. Trump has pledged that oil prices will come down 'as soon as' the US wins the war.