Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
WTI fell 2.14% to $98.15 a barrel as traders priced in diplomacy and a partial rebound in Saudi exports, analysts said.
- On Monday, oil prices slid to their lowest in more than a week, with Brent crude futures down 2.08% to US$101.71 a barrel as investors weighed diplomatic hopes regarding the Iran war.
- President Donald Trump said on Sunday he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the United Nations General Assembly in New York this week.
- On Saturday, Yemen's Iran-backed Houthis said they attacked 'sensitive' sites in Riyadh and a Saudi Aramco facility in Yanbu with missiles and drones, elevating Middle East tensions.
- Attacks on the East-West pipeline prompted Saudi Aramco to shift exports through the Strait of Hormuz, enabling shipments to recover to over 4 million barrels per day so far in September.
- Iran has conveyed conditions to mediators for re-engaging in negotiations, while China reportedly asked Iran to help rein in the Houthis following an appeal by Saudi Arabia.
13 Articles
13 Articles
Oil Prices Extend Decline as US-Iran Diplomacy Raises Hopes for De-escalation
Oil prices fell in Asian trading on Monday, extending last week’s losses as investors focused on renewed diplomatic efforts to end the conflict between the United States and Iran and on signs that disrupted crude supplies from the Gulf could gradually recover. Brent crude futures fell 1.25% to $102.57 a barrel, while U.S. West Texas […]
Oil Prices Slide as Traders Bet on Iran Diplomacy
Crude oil prices started the week with a slide, moving down to the lowest in a week on renewed hopes about a diplomatic resolution of the war in the Middle East, despite the absence of any evidence that there is willingness for negotiations on either side. At the time of writing, Brent crude was trading at $102.05 per barrel, and West Texas Intermediate was changing hands for $98.50 per barrel, as traders pinned their hopes on a UN meeting this …
Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
Oil prices slid to their lowest in more than a week on Monday on hopes diplomacy in the Iran war will get a chance this week amid a UN meet and as investors eyed a partial recovery in shipments from Saudi Arabia despite ongoing attacks by Yemen's Houthis.
Oil prices fell on increased hopes for diplomacy between Iran and the US, and a recovery in Saudi Arabian oil shipments. Brent dropped 2.08% to $101.71, while WTI fell 2.14% to $98.15.
Hopes for a return to diplomacy to end the US-Iran war.
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