Oil prices fell on Wednesday after President Donald Trump stated that representatives from the United States and Iran held 'very good' negotiations at the United Nations.
The international benchmark Brent crude and the main US contract West Texas Intermediate dropped to $98.91 and $89.93 per barrel respectively in early Asian trading. These figures are significantly below the symbolic $100 level, which they had repeatedly exceeded since the Middle East war began in February.
Trump told reporters that the three-hour meeting was 'very good' and 'very productive,' adding that 'another one is planned in the very near future.' He made this statement during a meeting with Ukrainian President Volodymyr Zelenskyy.
Trump's announcement came just a few hours after he delivered a fiery speech at the UN. In this speech, he mentioned facing a 'big decision' regarding striking a deal with Iran or 'quickly destroying the Islamic Republic.'