KATHMANDU: Global crude oil prices declined on Wednesday after US President Donald Trump described talks between American and Iranian representatives at the United Nations as ‘very good’ and ‘extremely productive’.

In early Asian trading, the international benchmark Brent crude fell to 98.91 US dollars per barrel, while the US benchmark West Texas Intermediate (WTI) traded at 89.93 dollars. Oil prices, which had frequently surpassed 100 dollars since the conflict in the Middle East began in February, have recently dropped below that level.

During a meeting with Ukrainian President Volodymyr Zelenskyy, Trump noted that the three-hour session between US and Iranian officials was successful and that a follow-up meeting is scheduled for the near future. This development came hours after Trump took a hardline stance against Tehran at the UN General Assembly, suggesting he might have to make a major decision regarding a deal or potentially ending the Islamic Republic.

Despite the talks, tensions remain high as Iran keeps the Strait of Hormuz closed and the US maintains a blockade on Iranian ports. Meanwhile, Saudi Arabia is preparing to resume exports via its East-West pipeline by the end of this week, having closed it earlier this month following drone attacks launched from Iraq.

Separately, Asian stock markets showed mixed results on Wednesday. Taiwan’s Taiex index rose 0.8 percent, driven by investor enthusiasm in the artificial intelligence sector, which is central to chipmaker TSMC. Recent launches of new, more affordable AI models by Anthropic and OpenAI, alongside Meta’s release of its ‘Muse’ AI agent-which triggered an 11 percent share price jump-have boosted sentiment.

Investors are now focused on Thursday’s summit between President Trump and Chinese President Xi Jinping. Analysts, including Kyle Rodda, expect the talks to address trade tensions, the Middle East conflict, and global competition in AI technology development.