Trump Reports Progress in Iran Talks, Oil Prices Drop

On September 23, global oil prices declined after US President Donald Trump reported that American and Iranian representatives had engaged in “very good” discussions at the United Nations General Assembly in New York. Brent crude fell to $98.41 per barrel, and US West Texas Intermediate (WTI) dropped to $89.23.

Trump described the three-hour meeting as productive and mentioned that another round of discussions was scheduled. This development shifted market sentiment towards the possibility of diplomatic engagement, easing concerns over escalating tensions in the Middle East.

The ongoing conflict has affected energy markets since US-Israeli strikes began in February, with Iran closing the Strait of Hormuz and the US maintaining a counter-blockade of Iranian ports. Additionally, the decline in oil prices coincided with reports that Saudi Arabia had resumed operations along its East-West Pipeline, aiming to restart exports soon.