Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
Brent and WTI fell 2% as traders weighed a partial Saudi export recovery and possible UN talks on the Iran conflict, analysts said.
- Oil prices fell for a fifth consecutive day to their lowest level since September 8, as traders considered possible U.S.-Iran diplomacy and a recovery in Saudi exports.
- Reports said Saudi Arabia was testing its damaged East-West pipeline, which could allow crude exports from a Red Sea terminal to resume, though Saudi Aramco provided no timeline.
- Regular gasoline averaged $4.47 per gallon, while diesel reached a record $6.52.
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315 Articles
Oil falls below $100 after Trump reports talks with Iran
Brent crude fell in early Asian trading after Donald Trump said US and Iranian representatives had held what he called “very productive” talks. Reports that Saudi Arabia is restarting a key oil pipeline also weighed on prices.
The oil fell after a positive meeting between the US and Iran, according to Trump. Brent and WTI fell to $98.91 and $89.93 per barrel.The meeting suggests a shift towards diplomacy, although the deal remains distant.The market reacts to possible changes in the conflict.
Global crude oil prices fell by about 1% after Saudi Arabia's oil shipment estimates were revised upward, but the drop was not as significant as expected because Donald Trump dashed hopes of a deal with Iran.
New York stock markets showed mixed performance due to expectations of negotiations between the U.S. and Iran and the impact of oil prices falling for five consecutive trading days. The tech-heavy Nasdaq hit a new all-time high, but concerns over high interest rates and uncertainty in the Middle East persisted. While related stocks rose as Meta's AI assistant service Muse performed well, existing platform companies recorded weak share prices.
Diplomacy between Iran and the United States creates a drop in the price of the barrel of crude oil.
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