Oil Prices Slide on US-Iran Talks Progress
Oil prices continued their decline on Wednesday, falling for the sixth consecutive day. The losses came despite improving prospects for Middle Eastern crude flows as Saudi Arabia worked to restore a key export route.
The U.S.-Iran talks seemed to be making progress, with President Donald Trump saying that U.S. officials had held a 'very good' and productive meeting with Iranian representatives in New York.
The meeting was the first direct contact between U.S. and Iranian officials since June. Trump's special envoys Steve Witkoff and Jared Kushner participated in the talks, which aimed to ease military pressure and lift Washington's blockade of Iranian ports.
A Reuters report showed that Iran indicated it could reopen the Strait of Hormuz if Washington eases its military pressure and lifts its blockade. The waterway remains crucial for oil markets as it carried one-fifth of global oil supplies before the conflict began.