Oil drops 3%.. Brent at $100
Oil prices fell about 3% as supply disruption fears eased, alongside growing hopes for diplomatic progress in US-Iran talks during the UN General Assembly meetings. Brent crude dropped to around $100.20 per barrel, while West Texas Intermediate fell below $97.
Oil prices fell about 3% on Monday, as supply disruption fears eased alongside growing hopes for diplomatic progress in US-Iran talks during the UN General Assembly meetings. Brent crude futures dropped more than 3% to around $100.20 per barrel, its lowest since September 10, while West Texas Intermediate, the US benchmark, fell below $97 per barrel. The decline comes as expectations rise for a possible resumption of the diplomatic track between Washington and Tehran, prompting investors to reduce the risk premium associated with potential disruptions to oil supplies from the region. Oil prices had seen sharp gains recently due to fears of regional tensions affecting supply movements, particularly through the Strait of Hormuz. Improved oil flows through the strait and expectations of a resumption of part of Saudi exports also helped ease market pressures. Investors are awaiting developments from the UN General Assembly meetings.