International crude oil prices moved lower on Wednesday after US President Donald Trump said American and Iranian representatives held a three-hour meeting at the United Nations.
Brent crude fell to $98.91 per barrel in early Asian trading. US benchmark West Texas Intermediate (WTI) traded at $89.93 per barrel. Brent had crossed $100 several times after the Middle East conflict began in February.
Trump described the discussion as “very good” and “very productive” during a meeting with Ukrainian President Volodymyr Zelenskyy. He also said another meeting was planned soon.
The comments came shortly after Trump took a tougher position on Iran during his UN General Assembly address. Tensions remain high after almost seven months of conflict. Iran continues to keep the Strait of Hormuz closed, while the United States maintains a blockade against Iranian ports.
Saudi Arabia has started restarting its East-West Pipeline, which provides an export route that avoids the Strait of Hormuz. The pipeline was shut after drone attacks launched from Iraq, and exports could resume later this week.
Lower crude prices can ease pressure on fuel costs in Nepal, but local pump prices also depend on import rates, taxes and currency movement.
Writes on vehicle pricing, taxation and the Nepali auto market from ongoing tracking of distributor price lists. Editorial policy.
