Saudi Oil Restart and UN Talks Spark Global Price Drop

Oil prices fell on Wednesday as Saudi Arabia restarted operations on its East-West Pipeline to the Red Sea, increasing supply from the Gulf region.

The move came amid hopes for a diplomatic solution to the US-Iran conflict through talks at the UN in New York. US President Donald Trump said his envoys had held productive talks with Iranian mediators, and expressed optimism about a potential deal.

Brent crude futures fell 7 cents to $99.18 a barrel, while West Texas Intermediate futures dropped 35 cents to $90.17 per barrel. Industry data also showed that US crude inventories rose by 1.8 million barrels in the week ending September 18.