Politics · Gulfs Weekly
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 0.75% at $98.51 a barrel.
U.S. West Texas Intermediate futures for November fell 1.03% at $89.59 per barrel. Stock Chart IconStock chart icon brent 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. Stock Chart IconStock chart icon wti
Source: cnbc.com
