Oil Prices Extend Losses on Iran Talks Progress and Saudi Pipeline Outlook
· Business · LiveMint, Bloomberg
Oil prices extended a sharp slump as the United States flagged progress in diplomatic talks with Iran, and Saudi Arabia moved to restore operations on a major export pipeline. West Texas Intermediate dropped below $90 a barrel following a 10% decline over the previous five days, while Brent settled near $99. President Donald Trump reported a productive meeting with Iranian envoys involving special envoys Steve Witkoff and Jared Kushner. Meanwhile, Saudi Arabia aims to restart its East-West pipeline, which has a capacity of 7 million barrels a day and bypasses the Strait of Hormuz. Despite the recent pullback, oil prices remain up by more than 60% over the year due to ongoing Middle East disruptions.
Why it matters
Falling crude prices provide welcome relief from inflation pressures driven by months of Middle East supply disruptions and blockades in the Strait of Hormuz.
Read the original report — LiveMint
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