Oil prices fall after President Trump’s statement on talks with Iran — Asharq Al-Awsat
Oil prices fell on the morning of September 23 after US President Donald Trump said that representatives of Washington and Tehran had held “very good” talks at the UN. Asharq Al-Awsat reports.
During early trading in Asia, the price of Brent crude fell to $98.91 per barrel, while US West Texas Intermediate dropped to $89.93. Both benchmarks fell below $100 per barrel.
Trump’s statement on the meeting
According to Trump, the meeting between US and Iranian representatives lasted three hours and was “very good” and “very productive.” He also said that the sides had scheduled another meeting in the near future. The US president made the statement during a meeting with Ukrainian President Volodymyr Zelenskyy.
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The day before, in a speech at the UN, Trump said he had to make a “big decision” on either reaching a deal with Iran or the rapid destruction of the Islamic Republic. Quintex Intel analyst Stephen Innes said that the three-hour meeting shifted market assessments from expectations of escalation toward the possibility of a diplomatic process, although a final deal still appears distant, in his view.
Saudi export route
The price decline also came amid reports that the East-West Pipeline in Saudi Arabia had resumed operations. This is an important route for oil exports that was shut down during the conflict in the Middle East.
Earlier, Riyadh said that drone attacks launched from Iraq had caused the pipeline to halt operations. Saudi Arabia had increasingly used this route to bypass the Strait of Hormuz, which was closed by Iran. Bloomberg, citing a source, reported that the kingdom seeks to resume exports later this week.
