Oil prices extended their declines for a sixth consecutive session on Wednesday as reported diplomatic contact between the United States and Iran raised hopes of reduced disruption around the Strait of Hormuz. At 20:21 ET (00:21 GMT), November Brent futures fell 0.8% to $98.45 a barrel, while West Texas Intermediate (WTI) futures declined 1.1% to $89.55. Both contracts had dropped more than 1% in the previous session, and Brent settled below $100 on Tuesday for the first time since Sept. 8. U.S. President Donald Trump said U.S. officials held a "very good" and productive three-hour meeting with Iranian representatives in New York, the first known direct contact between officials from the two countries since June. Trump said special envoys Steve Witkoff and Jared Kushner attended. Reuters reported that Iran had indicated it could reopen the Strait of Hormuz if Washington eased military pressure and lifted its blockade of Iranian ports, although Tehran has not confirmed a firm agreement. The waterway carried roughly one-fifth of global oil and liquefied natural gas supplies before the conflict began. Tanker movements suggest flows have increased, but shipping risks remain elevated. Saudi Arabia has also restarted its East-West pipeline, which transports crude to Yanbu on the Red Sea while bypassing the strait. The pipeline was shut after a drone attack earlier this month and has capacity of about 7 million barrels per day, though repairs to damaged pumping stations could delay a return to full capacity by six to eight weeks.