US and Iran hold first talks since June amid Trump's 'annihilation' threat at UNGA

The United States and Iran have held their first direct talks since June, occurring on September 22, 2026, on the sidelines of the UN General Assembly in New York. This engagement followed months of stalled communications after a ceasefire collapsed, and notably came just hours after US President Donald Trump delivered a speech threatening to "annihilate" the Islamic Republic if a deal to end the nearly seven-month conflict was not reached.

During the three-hour meeting, US envoys Steve Witkoff and Jared Kushner engaged with Iranian Foreign Minister Abbas Araghchi, with Qatari and Pakistani mediators facilitating the discussions. President Trump described the talks as "very good" and "productive," indicating that further meetings are anticipated in the near future. Iran's state television also confirmed the meeting, where conditions for reopening the Strait of Hormuz were reportedly discussed.

The news of these diplomatic efforts led to a decline in global oil prices. Both Brent crude and West Texas Intermediate futures fell, with analysts suggesting that markets were reacting to the potential for de-escalation and a shift from pure escalation pricing towards a genuine diplomatic process. This drop in prices was also influenced by an improved global oil supply outlook, including Saudi Arabia restarting operations on a critical pipeline.