Brent Crude Falls Below $102 Amid Hopes of Easing West Asian Tensions

Brent crude oil futures dipped below $102 per barrel on Monday as hopes rose that diplomatic efforts could ease tensions in West Asia.

At 10.02 am, November Brent oil futures were trading at $101.62, down by 2.05%, while October WTI (West Texas Intermediate) futures fell to $98.02, down by 2.27%.

The decline in prices came as US President Donald Trump expressed openness to meeting Iranian President Masoud Pezeshkian.

Market reports suggest that Pezeshkian is expected to attend the United Nations General Assembly in New York this week.

Iran has conveyed its conditions for re-engaging in negotiations with the US, according to a report by Al Jazeera citing Mohsen Rezaei, Iran's security chief.