Oil prices ease as Saudi pipeline resumes, US-Iran talks progress

timesofindia.indiatimes.com

Oil prices fell below $100 a barrel on Wednesday as Saudi Arabia resumed crude flows through a key pipeline to the Red Sea, while traders grew optimistic about diplomatic progress in the US-Iran conflict. West Texas Intermediate crude traded at $90.10 a barrel, down 0.46%, while Brent crude stood at $99.09, down 0.16%. The decline followed Brent closing below $100 on Tuesday for the first time since September 8, pressured by expectations of improved supplies and ongoing peace efforts. US President Donald Trump said envoys held productive talks with Iranian mediators, though he also warned he could "annihilate" Iran. Saudi Arabia restarted its East-West Pipeline, shut on September 11 after drone attacks, which reroutes about 4 million barrels daily, roughly 4% of global supply. Iraq is also boosting exports, with shipments through Turkey expected to exceed 600,000 barrels per day. US crude inventories rose by 1.8 million barrels in the week to September 18, contrary to analyst expectations of a decline.


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