Oil Prices Slide As Trump Praises “Productive” US-Iran Talks At UN

Oil prices fell on Wednesday after President Donald Trump said US and Iranian representatives had held “very good” talks at the United Nations. Brent crude and West Texas Intermediate dipped to $98.91 and $89.93 per barrel respectively in early Asian trade, well below the symbolic $100 mark repeatedly breached since the Middle East war broke out in February.

Trump described the three-hour meeting as “very good” and “very productive,” saying another session was scheduled soon, as he met Ukrainian President Volodymyr Zelensky. The announcement came just hours after he delivered a bellicose UN address, saying he faced a “big decision” on whether to strike a deal with Iran or “annihilate the Islamic Republic.” Nearly seven months after US-Israeli strikes on Tehran triggered the conflict, the two sides remain at an impasse, with Iran keeping the Strait of Hormuz closed and the US enforcing a counter-blockade of Iranian ports.

Analyst Stephen Innes of Quintex Intel said the meeting “shifts the market from pure escalation pricing toward a genuine diplomatic process, even if a final deal still looks distant.” The price dip also came as Saudi Arabia reportedly moved to restart operations on its East-West Pipeline, a major oil export route shut down earlier this month after drone attacks from Iraq, with Riyadh aiming to resume exports later this week.