Oil prices edged lower on Wednesday as Saudi Arabia began restoring crude flows through a key pipeline to the Red Sea, while hopes of a diplomatic breakthrough in the US-Iran war grew ahead of talks at the United Nations in New York.
The moves came after US President Donald Trump on Tuesday warned that he could "annihilate" Iran, while also saying his envoys Steve Witkoff and Jared Kushner had held productive discussions with Iranian mediators aimed at ending the war.
