Oil prices steady as Trump signals potential Iran deal after midterms

Crude oil prices were little changed Tuesday, after President Donald Trump told the United Nations that he believes Iran will make a deal after the U.S. midterm elections in November.

Brent crude futures, the international benchmark, were down 38 cents at $99.96 a barrel by 10:49 a.m. ET. West Texas Intermediate traded 17 cents lower to $95.61 per barrel. Prices are down more than 3% this week, though they are still up more than 10% on the month.

Trump told the UN General Assembly in New York City that he has a "big decision" to make on whether to seek negotiated deal with Iran or "annihilate the Islamic Republic."

"I believe we'll make a deal right after the election because it doesn't make sense for them not to," Trump said. "They're waiting to see how I do in the midterm election. What they don't realize is that I'm not running."

Iran's President Masoud Pezeshkian is attending the UN General Assembly. Trump told Fox News on Sunday that he was open to meeting Pezeshkian. Every attempt at a negotiated settlement between the U.S. and Iran so far has collapsed into renewed fighting.

There were signs that the supply crunch in the Middle East could ease. Saudi Arabia is in the early stages of restarting its critical East-West pipeline, people familiar with the matter told Bloomberg News. Riyadh aims to restore meaningful flows by Saturday, one of the people told Bloomberg.

Sources told Reuters that the pipeline was already pumping at a low rate and could resume exports at the port of Yanbu on the Red Sea later Tuesday.

The Saudis closed the pipeline after it sustained damage in a drone attack launched from Iraq on Sept. 10. The pipeline has played a crucial role in diverting Saudi crude oil exports to the Red Sea as the U.S. and Iran battle for control of the Strait of Hormuz.