Oil falls $1 on better supply outlook, hopes for US-Iran talks

By Helen Clark and Siyi LiuOil prices extended declines on Wednesday as investors eyed improved Gulf supply after Saudi Arabia restarted operations at a critical pipeline.Hopes for a diplomatic solution to the US-Iran war also weighed on prices.Brent crude futures ICEEUR:BRN1! fell $1.09, or 1.1…