Oil prices slip as US-Iran talks ease tensions
- Oil prices declined after U.S. President Donald Trump said American and Iranian representatives held talks at the United Nations.
- Brent crude traded at $98.41 per barrel, while West Texas Intermediate stood at $89.21 per barrel for next-month delivery.
- Markets also reacted to reports that Saudi Arabia restarted operations on its East-West Pipeline, supporting potential supply recovery.
Oil prices fell on Wednesday after U.S. President Donald Trump said U.S. and Iranian representatives held discussions at the United Nations.
Brent crude traded at $98.41 per barrel in European morning trading, while West Texas Intermediate for next-month delivery traded at $89.21 per barrel.
Trump said the three-hour meeting with Iranian representatives was “very good” and “very productive,” adding that another meeting was planned.
The discussions came as Iran continued to restrict access through the Strait of Hormuz and the U.S. maintained restrictions affecting Iranian ports, while Saudi Arabia’s East-West Pipeline resumed operations.
Following the announcement, Brent crude was trading at $98.41 per barrel and WTI crude was trading at $89.21 per barrel.
The Strait of Hormuz remains a key energy route, while disruptions involving Middle East conflicts and attacks affecting regional infrastructure have influenced global oil supply expectations.
European stock markets opened mixed, while Asian markets mostly gained, with South Korea’s Kospi rising 1.2% and Taiwan’s Taiex increasing 0.9% according to market reports.
