The Indian rupee is poised for a muted start on Wednesday and traders reckon that directional moves will be contingent on ​oil prices amid hopes of a diplomatic solution to the US-Iran ‌war through talks at the UN.

Oil prices were mixed Wednesday, amid hopes of a diplomatic solution to the conflict in the Middle East after Iran and the U.S. had talks.

Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.

Oil prices reversed early gains on Tuesday amid optimism that prospects for a diplomatic solution to the U.S.-Iran war are improving.