Oil Prices Slide on Hopes for US-Iran Diplomatic Breakthrough

Oil prices continue their decline as optimism over US-Iran talks raises hopes for a diplomatic solution to the Middle East conflict.

Brent crude futures for November delivery dropped 1.15% to USD98.11 per barrel, while US West Texas Intermediate (WTI) crude futures fell 1.75% to USD88.94 per barrel, according to CNBC.

US President Donald Trump said American officials had a 'very good meeting' with the Iranian delegation that lasted about three hours, and expressed an 'important decision' over whether to reach an agreement or 'destroy' the country.

Paolo Broccardo, CEO of private digital bank BankPro, believes Pakistan's mediation efforts could help lower the danger of a wider escalation and sees oil prices not expected to experience a major surge for the time being.