Oil prices edged lower on Wednesday as Saudi Arabia resumed operations on its East-West Pipeline to the Red Sea and diplomatic signals suggested a possible end to the US-Iran conflict. Brent crude fell to $99.18 a barrel while West Texas Intermediate dropped to $90.17, with Brent having closed below $100 for the first time since 8 September on Tuesday. US President Donald Trump said envoys Steve Witkoff and Jared Kushner had held productive talks with Iranian mediators on the sidelines of the United Nations General Assembly in New York, even as he warned he could "annihilate" Iran if talks failed. The Saudi pipeline, which reroutes roughly four million barrels per day — around four per cent of global supply — to the Red Sea port of Yanbu had been shut since 11 September following drone attacks attributed to Iraqi militia, disrupting flows already strained by the US-Israeli war on Iran. Iraq also announced it was boosting exports beyond three million barrels per day, adding to the improving supply outlook. A surprise build of 1.8 million barrels in US crude inventories, against expectations of a decline, further weighed on prices.