Oil Prices Decline Amid Supply Resumption and Diplomatic Hopes

Oil prices declined Wednesday as Saudi Arabia started resuming crude supplies through a vital pipeline to the Red Sea. This coincided with growing optimism for a diplomatic resolution to the US-Iran conflict, with talks underway at the United Nations in New York. Brent crude futures dropped seven cents (0.07%) to $99.18 per barrel by 01:19 GMT. US West Texas Intermediate (WTI) futures also fell 35 cents (0.39%) to $90.17 per barrel. US President Donald Trump warned Tuesday of potentially "obliterating" Iran, but noted envoys Steve Witkoff and Jared Kushner held productive discussions with Iranian intermediaries to end the war. He added, "I think there's a lot of momentum to get a deal."