Trump's 'Very Good' US-Iran Talks Send Oil Prices Plummeting
Oil prices plummeted on Wednesday after US President Donald Trump announced that American and Iranian representatives had held 'very good' and 'very productive' talks at the United Nations. This diplomatic progress has eased tensions surrounding the Middle East war, which has disrupted global energy markets.
The international benchmark Brent crude fell 0.9 percent to $98.41 per barrel, while US benchmark West Texas Intermediate (WTI) dropped 1.4 percent to $89.23 in afternoon Asian trading, according to AFP. Both benchmarks remained below the symbolic $100 level that has been repeatedly breached since the Middle East war began in February.
Trump told reporters that the three-hour US-Iran meeting had been 'very good' and 'very productive,' adding that another meeting was scheduled for the 'very near future.' His comments came after he delivered a strongly worded address to the UN General Assembly, saying he faced a 'big decision' over whether to reach an agreement with Iran or 'annihilate the Islamic Republic and do it quickly.'
The latest diplomatic signals come nearly seven months after US-Israeli strikes triggered the war. The conflict has disrupted energy markets, with Iran keeping the Strait of Hormuz closed while the United States maintains a counter-blockade of Iranian ports.