Oil prices retreat as markets welcome US-Iran talks

Oil prices fell on Tuesday as markets focused on the potential upside of renewed US-Iran diplomatic engagement. US President Donald Trump, who had earlier told the UN he faced a "big decision" regarding Iran, later revealed that representatives from both countries had held a "very productive" three-hour meeting on the sidelines of the UN gathering. Trump noted that another meeting is scheduled for the near future, with his son-in-law Jared Kushner and negotiator Steve Witkoff in attendance. Analysts suggest the market is reacting to the prospect that these talks could reduce the likelihood of military action by the regime ruling Iran. Meanwhile, global stock markets saw mixed results, with the Nasdaq hitting a record high while the Dow retreated. Investors are also looking ahead to a summit between Trump and Chinese President Xi Jinping to discuss trade and artificial intelligence. By the end of the session, Brent North Sea Crude was down 1.1 percent at $99.25 per barrel, and West Texas Intermediate fell 1.2 percent to $94.59 per barrel.