Crude oil fell below $90 per barrel on Wednesday, marking a sixth straight session of declines, as signs of progress emerged in renewed US–Iran negotiations and Saudi Arabia pressed ahead with efforts to restore operations on a key pipeline.
President Donald Trump described a meeting between US officials and Iranian envoys as “very productive,” and said he is weighing whether to pursue a negotiated agreement or “annihilate the Islamic Republic.” He is also expected to meet with other Persian Gulf leaders later this week.
A senior Iranian official said Tehran’s proposal had been communicated to Washington, indicating that if the US takes steps to ease the blockade that has sharply reduced Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days.
At the same time, Saudi Arabia is working to resume crude shipments through its critical East–West pipeline in the coming days, which would enable Riyadh to again use an alternative export route that bypasses the Strait of Hormuz.
