22.09.202620:27:56UTC+00Oil Extends Losses on US-Iran Diplomacy Hopes

Crude oil fell below $90 a barrel on Tuesday, extending losses for a fifth consecutive session after US President Donald Trump disclosed that Washington had held three hours of talks with Iran on the sidelines of the UN General Assembly.

In his address to the UN, Trump said he faced a “big decision” over whether to pursue a negotiated agreement with Iran or “annihilate the Islamic Republic,” adding that he believed a deal would likely come after the election.

A senior Iranian government official said Tehran’s proposal has been relayed to Washington. The plan calls for the resumption of negotiations aimed at permanently ending hostilities. If the US moves to lift the blockade that has sharply curtailed Iranian oil exports, Iran would be ready to reopen the Strait of Hormuz within seven days, the official said.

Meanwhile, Saudi Arabia is reportedly preparing to restart its key East–West pipeline, targeting the restoration of significant volumes by Saturday. The pipeline is said to have already been operating at a reduced rate.