Oil Prices Tumble Amid Diplomatic Hopes

Oil prices declined as Saudi Arabia resumed crude supplies via a key pipeline to the Red Sea, boosting hopes for a diplomatic resolution to the U.S.-Iran conflict. The resumption of oil flows comes amid ongoing talks at the United Nations in New York.

Brent crude futures dropped by 7 cents or 0.07 percent to $99.18 per barrel by 01:19 GMT, while U.S. West Texas Intermediate crude futures declined 35 cents or 0.39 percent to $90.17 per barrel.

Gold prices remained steady as investors assessed the potential for major central banks to keep interest rates elevated for an extended period to curb inflation.