Oil extended losses as the US flagged progress in talks with Iran to end their war, and Saudi Arabia moved to restart a key pipeline. West Texas Intermediate for November fell below $90 a barrel after losing about 10% over the previous five days, while Brent settled near $99 on Tuesday.

President Donald Trump said US officials had a "very productive" meeting with Iranian envoys, even after he threatened to annihilate the Islamic Republic during a United Nations speech. More meetings are planned, he added.

The news followed a rare direct encounter between Trump's team and Iranian representatives in New York on Tuesday, offering a fresh opportunity to restart talks to end the nearly seven-month war, according to Bloomberg's Tyler Kendall.