Oil eases as Trump talks up progress with Iran despite “hell” threat

NEW YORK — Global oil prices slipped below the psychologically important $100-a-barrel mark on Wednesday.

ValidViewNetwork gathered that this happens hours after US President Donald Trump described a fresh round of talks between American and Iranian officials on the sidelines of the UN General Assembly as “very good” and “productive.”

ValidViewNetwork can confirm that Brent crude touched $98.41 a barrel while US benchmark West Texas Intermediate slipped to $89.23, both easing from levels that have repeatedly breached $100 since the Middle East war between Israel, the US and Iran began in February.

A war still grinding on

Nearly seven months into the conflict, Iran has kept the Strait of Hormuz effectively closed while Washington enforces a counter-blockade of Iranian ports, a standoff that has kept energy markets on edge.

Trump’s UN speech on Tuesday swung between threats to “annihilate” Iran and an acknowledgement that talks with Tehran’s foreign minister, held alongside envoy Steve Witkoff and Jared Kushner, had gone well.

Markets read the signals

According to reports gotten by ValidViewNetwork, analysts described the three-hour meeting as shifting sentiment away from pure war-risk pricing, even though a final settlement still looks distant, with Iran’s demands reportedly including the lifting of the US naval blockade and release of frozen assets.

News that Saudi Arabia was working to reboot its East-West pipeline, shut down after earlier drone attacks, added to the mild relief in prices.

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ValidViewNetwork reports that any sustained softening in global crude prices could feed into Nigeria’s own downstream pricing dynamics.

This is because of how closely local petrol prices have tracked international benchmarks since the Dangote Refinery scaled up production, a dynamic already visible in this week’s local pump price cuts. ValidViewNetwork reports.