Trump's Iran Talks Send Oil Prices Plummeting
Oil prices declined on Wednesday after US President Donald Trump stated that talks between the US and Iran were 'very good' and 'productive'. The meeting, which lasted three hours, has shifted market expectations from pure escalation pricing to a genuine diplomatic process.
The international benchmark Brent crude price fell below $100 per barrel, hitting $98.41, while the main US contract West Texas Intermediate dropped to $89.23 per barrel in afternoon Asian trading.
Trump's comments came after he delivered a bellicose address to the UN, where he said he faced a 'big decision' on whether to make a deal with Iran or 'annihilate the Islamic Republic and do it quickly'. The US leader has pledged that oil prices would decrease 'as soon as' the United States wins the war.