Oil prices stabilized and remained below $100 a barrel after Trump said U.S. and Iranian officials met on the sidelines of the U.N. General Assembly in New York following his threat during an address to the annual gathering that the U.S. might “annihilate” the Islamic Republic if a deal couldn’t be made.
“Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before, maybe one of the greatest in the Middle East or even the world,” Trump said. “Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again?”
Brent crude, the international standard, edged up less than 0.1% to $99.30 per barrel after falling earlier in the day. That was still elevated compared to the roughly $72 per barrel level from late February before the Iran war.
Diplomatic progress between the U.S. and Iran helped fuel the fall in oil prices Wednesday, ING commodities strategists Ewa Manthey and Warren Patterson wrote in a commentary. They said oil prices eased also on optimism over reports that Saudi Arabia was restarting operations at a key oil pipeline.
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