Trump's Iran Talks Send Oil Prices Tumbling
Oil prices dipped on Wednesday after US President Donald Trump announced 'very good' talks between US and Iranian representatives at the United Nations.
The international benchmark, Brent crude, fell to $98.91 per barrel, while the main US contract, West Texas Intermediate, dropped to $89.93 per barrel in early Asian trade.
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 three-hour meeting was seen as a significant development in the conflict, which has been ongoing for nearly seven months since US-Israeli strikes on Tehran triggered the war.
Stephen Innes at Quintex Intel noted that the talks shift the market from 'pure escalation pricing toward a genuine diplomatic process', but added that a final deal still looks distant.