Trump's Iran Meeting Offer Sends Oil Prices Tumbling
The price of Brent crude oil has fallen to $102.2 per barrel after US President Donald Trump expressed his willingness to meet with Iranian President Masud Pezeshkian at the UN General Assembly in New York.
This move comes as tensions between the US and Iran remain high, with the Houthi rebels claiming attacks against the Saudi capital Riyadh and facilities of state-owned oil company Saudi Aramco. Trump stated that the alternatives to negotiating with Iran are 'to crush them or let them rot economically.'
The West Texas Intermediate (WTI) barrel also fell by over 1.6%, reaching $98.6 per barrel.
French President Emmanuel Macron has announced plans to convene a G7 summit to discuss the release of strategic oil reserves and address the energy crisis caused by the war in Iran.