Oil falls 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 a 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 fell more than 3% to around $100.20 a barrel, its lowest since September 10, while West Texas Intermediate, the US benchmark, fell below $97 a barrel. The decline comes as expectations increase 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. Crude prices had posted sharp gains recently due to fears of the impact of regional tensions on 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.