Oil Prices Plummet as Trump Hints at Diplomatic Breakthrough with Iran
Crude oil prices continued their downward trend on Tuesday, falling below $90 a barrel for a fifth consecutive session. The decline comes as US President Trump expressed optimism about a potential deal with Iran.
In his address to the United Nations, Trump stated that he had 'a big decision' to make regarding whether to pursue a negotiated agreement or take military action against the Islamic Republic. He emphasized his belief that a deal would be reached after the election.
A senior Iranian government official confirmed that their proposal has been conveyed to US officials, which includes resuming talks aimed at permanently ending hostilities. If the US lifts its economic blockade on Iran, Tehran is prepared to reopen the Strait of Hormuz within seven days.
Saudi Arabia is also reportedly taking steps to revive its critical East-West pipeline, with a goal of restoring meaningful flows by Saturday.