Brent crude fell toward $98 a barrel on Wednesday, extending its decline for the sixth consecutive session, as signs of progress emerged in the framework of the resumption of negotiations between the United States and Iran, while efforts continued to restore operations on a strategic pipeline in Saudi Arabia.
President Donald Trump said that American officials had held a meeting “very productive” with Iranian emissaries, adding that he was weighing the opportunity to reach a negotiated agreement or to “annihilate the Islamic Republic.” Trump is also expected to meet other leaders of the Persian Gulf states later this week.
A senior Iranian government official said that Tehran’s proposal had been transmitted to the United States, indicating that, if Washington takes steps to lift the blockade that has heavily reduced Iran’s oil exports, Iran would be willing to reopen the Strait of Hormuz within seven days.
Saudi Arabia is seeking to restore oil exports via its strategic East-West pipeline in the coming days, which would allow Riyadh to resume using an alternative route bypassing the Strait of Hormuz.
