Oil Prices Slide Amid US-Iran Talks and Slowing UK Economy

Oil prices fell for a sixth consecutive session following US President Donald Trump's statement that talks with Iranian officials at the UN General Assembly were 'very productive.'

This led markets to believe that there might be a small step towards looser restrictions on Iranian supply, even if the White House also maintained a tough stance.

Additionally, analysts noted that Saudi Arabia appears to be gradually restoring flows through its East-West pipeline, which could reduce near-term supply risks.

However, new UK data pointed to an economy slowing without cooling inflation much. The OECD lifted its 2026 UK growth forecast to 1.1%, but still expects headline inflation to be 3.1% that year, easing only to 2.6% in 2027.