Oil Falls as Trump Signals Diplomatic Progress with Iran Amid UN Threats
Crude oil prices dropped on Wednesday as President Donald Trump confirmed a 'very good' three-hour meeting with Iranian officials at the United Nations, despite earlier threats to 'annihilate' the country. Brent crude fell 0.71% to $98.55 and WTI dropped 1.26% to $89.36, reflecting market optimism that diplomatic talks could ease supply disruptions. Reuters reported Iran could reopen the Strait of Hormuz within a week if the US eases military pressure. However, Iran’s military dismissed the threat as a sign of 'strategic desperation' and warned of 'crushing' retaliation. CNN fact-checked several of Trump’s UN claims, including exaggerated war-ending figures and inaccurate munitions stockpile assertions, while Al Jazeera noted ongoing regional tensions, including Israeli strikes in Gaza and Lebanon.