High-level talks between the United States and Iran have resumed in New York for the first time since June, with hopes of diplomatic progress contributing to falling oil prices and a notable shift after months of stalemate. The resumption of direct engagement is significant given the geopolitical tensions, with the Iranian president's UN address scheduled for later today and potential further meetings with the US president.

The three-hour meeting brought together US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi, facilitated by Qatar, with American officials characterising the encounter as productive and promising, though no formal agreement emerged. However, President Trump's messaging has been starkly contradictory, claiming progress whilst simultaneously threatening to "annihilate" Iran should negotiations fail. Iran has rejected Trump's aggressive rhetoric as propaganda and warned that any military offensive would provoke severe consequences. Oil markets have responded positively to hopes of progress, with Brent crude falling to $98.32 a barrel, marking the sixth consecutive day of declines—the longest losing run since August 2025.