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.
JaneWalter
Numerous merchant ships belonging to Iran and other countries remain at anchor in the Strait of Hormuz in Bandar Abbas, Iran, on Sept. 8, 2026.
Fatemeh Bahrami | Anadolu | Getty Images
Oil fell Wednesday, amid optimism that supply disruptions would ease following U.S.-Iran talks which raised hopes of a diplomatic solution to the conflict in the Middle East.
Futures for international benchmark Brent crude for November delivery dropped 1.15% to $98.11 a barrel. U.S. West Texas Intermediate futures for November fell 1.75% to $88.94 per barrel.
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President Donald Trump said Tuesday that U.S. officials had a "very good meeting" with Iran's delegation and that it lasted about three hours. Earlier in his address to the U.N., Trump said he has a "big decision" over whether to reach a deal with Tehran or "annihilate" the country.
"Pakistan's mediation efforts with Tehran could also reduce the risk of a broader escalation," said Paolo Broccardo, chief executive officer at private digital bank BankPro.
Oil prices are also unlikely to see a huge jump for now, he said.
"Over the past five consecutive sessions, the price has fallen by almost 12%, retreating once again from the 'intervention zone' above $100, where we have repeatedly seen intensified peace-building efforts from both sides," Broccardo said.
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