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Oil falls on increased Gulf supply and hopes for US-Iran talks
PERTH: Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York. Brent crude futures fell 7 cents, or 0.07%, to $99.18 a barrel as of 0119 GMT while West Texas Intermediate futures fell 35 cents, or 0.39%, to $90.17 per barrel. While US President Donald Trump warned on Tuesday that he could “annihilate” Iran, he also said his envoys Steve Witkoff and Jared Kushner had held productive talks with mediators of Iran to end the war. “I thi...
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