Oil falls after U.S. and Iran talk for hours at UN meeting
Oil fell Wednesday, amid hopes of a diplomatic solution to the conflict in the Middle East after Iran and the U.S. had talks.
TL;DR
- Oil prices fell due to optimism about easing supply disruptions after U.S.-Iran talks.
- International benchmark Brent crude and U.S. West Texas Intermediate futures dropped.
- President Trump described the U.S.-Iran meeting as "very good" and lasting three hours.
- Iran could reopen the Strait of Hormuz within a week if U.S. pressure eases.
- Pakistan's mediation efforts are seen as potentially reducing escalation risks.
- Oil prices are unlikely to see a significant jump due to these developments.
- Prices have fallen nearly 12% in the past five sessions, retreating from levels above $100.