Trump's 'Very Good' Iran Talks Send Oil Prices Plummeting

Oil prices plummeted on Wednesday after US President Donald Trump announced 'very good' talks between the US and Iran at the United Nations.

The meeting, which lasted for three hours, has shifted market expectations from a focus on escalation to a genuine diplomatic process, according to Stephen Innes at Quintex Intel.

Brent crude fell 0.9% to $98.41 per barrel, while West Texas Intermediate dropped by 1.4% to $89.23 per barrel, both below the symbolic $100 mark that has been repeatedly breached since the Middle East war began in February.

The dip in oil prices comes as Saudi Arabia reportedly reboots operations along its East-West Pipeline, a crucial oil export route shut down by drone attacks.