Oil Extends Losses on US-Iran Diplomacy Hopes
Crude oil fell below $90 a barrel on Tuesday, extending losses into a fifth session after US President Donald Trump said the US held three-hour talks with Iran on the sidelines of the UN General Assembly. In his UN address, Trump said he had a “big decision” to make on whether to seek a negotiated deal with Iran or “annihilate the Islamic Republic,” adding that he believed a deal would follow the election. Iran’s proposal has been conveyed to the US, according to a senior Iranian government official. It includes the resumption of talks aimed at permanently ending the hostilities. If the US were to take steps toward ending the blockade, which has been crippling Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days, the official said. Meanwhile, Saudi Arabia is reportedly preparing to restart its critical East-West pipeline, aiming to restore meaningful flows by Saturday. The pipeline was reportedly already pumping at a low rate.
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Brent crude oil fell below $100 a barrel on Tuesday, extending losses into a fifth session after US President Donald Trump said the US held three-hour talks with Iran on the sidelines of the UN General Assembly. In his UN address, Trump said he had a “big decision” to make on whether to seek a negotiated deal with Iran or “annihilate the Islamic Republic,” adding that he believed a deal would follow the election. Iran’s proposal has been conveyed to the US, according to a senior Iranian government official. It includes the resumption of talks aimed at permanently ending the hostilities.
If the US were to take steps toward ending the blockade, which has been crippling Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days, the official said. Meanwhile, Saudi Arabia is reportedly preparing to restart its critical East-West pipeline, aiming to restore meaningful flows by Saturday. The pipeline was reportedly already pumping at a low rate.