Oil falls $1 on better supply outlook, hopes for US-Iran talks

PERTH/SINGAPORE: Oil prices extended declines on Wednesday as investors eyed improved ​Gulf supply after Saudi Arabia restarted operations at a critical pipeline.

Hopes for a diplomatic solution to ‌the US-Iran war also weighed on prices. Brent crude futures fell $1. 09, or 1. 1 percent, to $98. 16 a barrel as of 07:21 a. m. Saudi time while West Texas Intermediate futures fell $1. 50, or 1. 67 percent, to $89. 01 per…