Oil prices fall after Trump hails 'good' talks with Iran

Oil prices fall after Trump hails 'good' talks with Iran Nokuthula Khanyile Wed, 09/23/2026 - 11:00

WASHINGTON - Oil prices fell on Wednesday after President Donald Trump said US and Iranian representatives had met for "very good" talks at the United Nations.

International benchmark Brent crude and main US contract West Texas Intermediate were below the symbolic $100 mark that has been repeatedly breached since the Middle East war began in February.

Brent hit $99.30 and WTI lowered to $89.93 per barrel in afternoon Asian trading.

Trump told reporters the three-hour US-Iran meeting was "very good", "very productive" and "they have another one scheduled in the very near future".

The US leader's statements came just hours after he delivered a bellicose address to the UN, saying he faced a "big decision" on whether to make a deal with Iran or "annihilate the Islamic Republic and do it quickly".

Nearly seven months after US-Israeli strikes triggered war, the foes are at an impasse, with Iran keeping the Strait of Hormuz closed and the United States enforcing a counter-blockade of Iranian ports.

Conflict between Saudi-backed government forces and the Iran-backed Houthis in Yemen has enveloped the kingdom, squeezing energy exports from the Red Sea.

"The three-hour US-Iran meeting matters because it shifts the market from pure escalation pricing toward a genuine diplomatic process, even if a final deal still looks distant," said Stephen Innes at Quintex Intel.

Trump has pledged that oil would come down "as soon as" the United States wins the war.

The dip in oil prices came as the world's biggest crude exporter Saudi Arabia reportedly rebooted operations along its East-West Pipeline -- a crucial oil export route shut down by drone attacks.

The kingdom is aiming to resume exports later this week, Bloomberg quoted a source as saying.

But while Saudi oil giant Aramco reportedly told Asian refiners they could soon pick up crude from the Red Sea port of Yanbu, the firm told their European counterparts they will not be allocated oil in October, Bloomberg said.

• AFP