Crude drops to an 11-day low as investors monitor developments surrounding U.N. General Assembly meetings
Oil prices declined Monday as traders weighed the possibility of renewed diplomatic discussions between the United States and Iran alongside signs of increased Saudi oil exports.
Brent crude fell to an 11-day low near $101 per barrel during Monday trading, while U.S. West Texas Intermediate crude dropped below $98.
The movement comes as world leaders gather for the United Nations General Assembly in New York. Reuters reported that possible diplomatic engagement between President Trump and Iranian President Masoud Pezeshkian is being closely watched, although no meeting had been confirmed.
Iran has reportedly communicated conditions for negotiations through intermediaries.
Oil markets remain sensitive to continuing instability in the Middle East, including recent Houthi attacks and disruptions to regional transportation routes. At the same time, increased Saudi shipments have helped ease immediate concerns about available global supplies.
Lower energy prices could provide some relief to consumers and businesses after elevated crude prices contributed to renewed inflation concerns.
Source: Reuters
