Oil Prices Plummet on Iran Talks Optimism and Saudi Pipeline Restart

Oil prices continued to decline as optimism around US-Iran talks on ending their conflict weighed on markets. The West Texas Intermediate for November fell below $90 a barrel, down about 10% over the previous five days.

The slide came after President Donald Trump said officials had made progress in talks with Iranian envoys, despite his earlier threat to 'annihilate' Iran during a United Nations speech. More meetings are planned, he added.

In the Middle East, Saudi Arabia aims to restore oil exports via its critical East-West pipeline in the coming days. The conduit, which has a capacity of 7 million barrels per day, was damaged in recent attacks.