Oil Prices Plummet as Saudi Pipeline Hopes and US-Iran Talks Spark Market Volatility

Oil prices have been plummeting for six consecutive days, with Brent falling towards $98 a barrel and West Texas Intermediate (WTI) dipping below $90. This slump marks the longest losing streak in over a year, with Brent down more than 9%.

The decline is attributed to hopes of restarting the East-West pipeline in Saudi Arabia, which has the capacity to carry 7 million barrels per day. The pipeline was damaged earlier this month, disrupting oil exports via the critical Strait of Hormuz.

US officials have reported progress in talks with Iran to end the conflict that's been raging for over six months. President Donald Trump said a 'very productive' meeting took place between his envoys and Iranian representatives, although key issues remain unresolved, including control over the Strait of Hormuz.