Oil Prices Plummet Amid Diplomatic Progress Between US and Iran
Oil prices continued their downward trend for a sixth straight session on Wednesday, plummeting under pressure from diplomatic progress between the US and Iran.
The development came after US President Donald Trump announced that US officials had held a 'very good' and productive three-hour meeting with Iranian representatives in New York, raising hopes of an eventual resolution to the conflict and easing disruption around the Strait of Hormuz.
Trump's special envoys Steve Witkoff and Jared Kushner participated in the meeting, which marked the first known direct contact between US and Iranian officials since June.
The waterway remains a key focus for oil markets due to its strategic importance, as it carried roughly one-fifth of global oil and liquefied natural gas supplies before the conflict began.