Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
Traders weighed a possible UN-led diplomatic thaw and a Saudi export rebound of 2.9 million barrels a day, 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.
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Oil prices fell to an 11-day low — which helped <p>Brent fall to $101.75, WTI — to $98.34 per barrel. Investors expect diplomatic progress between the United States and Iran.</p>
Reformatorisch Dagblad
The oil price has now fallen for four consecutive days, the longest streak of price declines since June. At the same time, prices are still significantly higher than at the beginning of this year, which partly explains why refueling in the Netherlands has become substantially more expensive.
Brent crude oil prices fell 1.97 percent to $101.83 per barrel.
Oil slides to 11-day low on hopes of US-Iran diplomacy
Oil prices slid to their lowest in more than a week 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.
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