MARITIME BUSINESS LEADERS
BREAKING NEWS
Oil Extends Losses to Sixth Session
Crude oil slipped below $90 per barrel on Wednesday, extending its decline to a sixth consecutive session as signs of progress emerged in renewed US-Iran talks and efforts continued to restore operations at a key pipeline in Saudi Arabia. President Donald Trump said officials held a “very productive” meeting with Iranian envoys, adding that he is weighing whether to pursue a negotiated agreement or “annihilate the Islamic Republic.” Trump is also expected to meet with other Persian Gulf leaders later this week. A senior Iranian government official said Tehran’s proposal had been conveyed to the US, suggesting that if Washington takes steps toward lifting the blockade that has severely curtailed Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days. Meanwhile, Saudi Arabia is seeking to restore oil exports through its vital East-West pipeline in the coming days, allowing Riyadh to resume using an alternative route around the Strait of Hormuz.
Source: Trading Economics
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