Oil sinks to $90 a barrel as war talks drive optimism

Oil prices fell to $90 a barrel on hopes surrounding talks to end wars in the Middle East and Ukraine, though analysts sought to temper that optimism. US President Donald Trump downplayed the potential for renewed conflict with Iran, while talks between Kyiv, Moscow, and Washington got underway today.

But Tehran “will likely maintain its maximalist demands,” a think tank noted, while RFE/RL reported that “expectations of a breakthrough” in the Russia-Ukraine talks “are low.” The two conflicts share parallels, the Financial Times’ chief foreign affairs commentator wrote: “Trump’s vision of a short, victorious war [in Iran] turned out to be a mirage. And he, like [Russian President Vladimir] Putin, is now saddled with the consequences of his own misjudgment.”

— Prashant Rao