Oil Prices Plummet on Trump's 'Very Good' Iran Talks
Oil prices plummeted on Wednesday after US President Donald Trump announced 'very good' and 'very productive' talks between US and Iranian representatives at the United Nations. The drop in oil prices came as Trump said another round of talks had been scheduled for the near future. Brent crude, the international benchmark, fell to $98.91 per barrel, while West Texas Intermediate (WTI), the main US oil contract, dropped to $89.93 per barrel.
The decline in oil prices marked a significant decrease from their recent highs, which had surpassed the symbolic $100 mark since the Middle East conflict began in February. Trump's remarks came after his forceful address to the UN, where he said he faced a 'big decision' over whether to reach an agreement with Iran or 'annihilate the Islamic Republic and do it quickly.'
The US and Iran remain at an impasse nearly seven months after US-Israeli strikes on Tehran triggered the conflict. Trump has pledged that oil prices would fall 'as soon as' the US wins the war.