Oil prices declined after prolonged discussions between U.S. and Iranian officials at the United Nations General Assembly in New York raised hopes for a diplomatic resolution to ongoing tensions. The market response reflects reduced concern that conflict could disrupt supplies through critical areas such as the Strait of Hormuz. The probability of crude oil reaching a new all-time high by September 30 fell to 0.5%, while the odds for a new high by December 31 declined to 10.5%. Similar diplomatic engagements have historically been associated with lower oil prices as markets price in reduced supply constraints. Observers will track further U.S.-Iran discussions and statements from OPEC’s Secretary General Mohammad Sanusi Barkindo and Saudi Minister of Energy Abdulaziz bin Salman Al Saud on production levels. Changes in Middle East stability, including any resolution or escalation in U.S.-Iran relations, could continue to influence oil-market projections. Vera offers live prediction-market analysis and invites users to sign up.