Oil prices steadied on Wednesday following a series of declines, buoyed by optimism about advancing U.S.-Iran negotiations.
Brent crude futures edged up 0.3% to $99.55 per barrel, reversing a five‑day losing streak.
WTI crude futures slipped 0.5% to $90.11 per barrel as expectations of a diplomatic solution to the West Asian conflict grew.
Media reports indicated that Iran could reopen the Strait of Hormuz within a week should the United States reduce military pressure and lift its port blockade, alleviating fears of a drawn‑out standoff.
President Donald Trump said his administration held a productive three‑hour meeting with an Iranian delegation in New York, with plans for another session soon.
He added that a deal could be attainable after the midterm elections, but warned that failure to reach an agreement might lead him to threaten to “annihilate the Islamic Republic.”
Meanwhile, Saudi Arabia has brought its East‑West pipeline back online and may have resumed oil exports from the Red Sea port of Yanbu after the September 11 drone strikes, Reuters sources said.
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