Diplomatic Hopes Send Oil Prices Crashing Below $100 a Barrel

Oil prices have plummeted to their lowest level in 11 days as markets weigh the prospects of renewed diplomatic efforts between Iran and the US against ongoing attacks and supply disruptions in the Middle East.

Brent crude and WTI both dipped below $100 a barrel, marking their lowest levels since September 10. The decline comes as investors look ahead to this week's UN General Assembly, where talks may help ease tensions between Washington and Tehran.

Despite fresh threats exchanged by Iran and the US on Sunday, President Donald Trump said he remains open to meeting his Iranian counterpart, who is expected to attend the UN gathering. Diplomats are reportedly working with mediators to establish conditions for re-engaging in negotiations.