Saudi Pipeline Restart and Iran Talks Push Oil Prices Down

Oil prices have dropped after Saudi Arabia resumed operations on an oil pipeline to the Red Sea and amid hopes for a diplomatic resolution to the war between the United States and Iran.

The Brent crude futures price fell by 7 cents, or 0.07%, to $99.18 a barrel as of 01:19 GMT, while U.S. West Texas Intermediate crude futures declined by 35 cents, or 0.39%, to $90.17 a barrel.

U.S. President Donald Trump said that his representatives had held productive talks with Iranian intermediaries on ending the war, and expressed optimism about reaching a deal: 'I think there is significant momentum toward reaching a deal.'

The market has become more positive about global oil supplies following the resumption of pipeline operations in Saudi Arabia and increased oil exports from Iraq.