Oil Prices Slide Below $90 as Iran Talks Progress

Crude oil prices continued to decline on Wednesday, dropping below $90 per barrel for the sixth consecutive session. The downturn in oil prices follows renewed US-Iran talks and efforts to restore operations at a key pipeline in Saudi Arabia.

US President Donald Trump said officials held a 'very productive' meeting with Iranian envoys, suggesting that progress is being made towards a potential agreement. He also hinted at the possibility of pursuing a negotiated deal or taking more drastic action against Iran, stating that he is weighing whether to pursue an agreement or 'annihilate the Islamic Republic.'

A senior Iranian government official claimed that Tehran's proposal had been conveyed to the US and that if Washington takes steps towards lifting the blockade on Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days.