Oil Prices Plummet Amid US-Iran Diplomatic Progress

Oil prices fell on Wednesday after US President Donald Trump said American and Iranian representatives had held 'very good' and 'very productive' talks at the United Nations.

The conversation between Washington and Tehran has raised hopes that diplomacy can ease tensions surrounding the Middle East war and reduce pressure on global energy markets.

Brent crude fell 0.9 percent to $98.41 per barrel, while US benchmark West Texas Intermediate (WTI) dropped 1.4 percent to $89.23 in afternoon Asian trading.

Trump's comments came after he delivered a strongly worded address to the UN General Assembly, saying he faced a 'big decision' over whether to reach an agreement with Iran or 'annihilate the Islamic Republic and do it quickly.'