Iran Diplomacy and Houthi Attacks Weigh on Oil Prices

Oil prices have dropped to their lowest level in over a week as investors await signs of diplomatic progress on the Iran conflict ahead of this week's UN meeting. Brent crude futures and US West Texas Intermediate (WTI) both reached their lowest levels since September 10 earlier Monday.

The November Brent contract was trading at $102.09 a barrel, down $1.78 or 1.71%, after settling 0.91% lower on Friday. The October WTI contract, which expires Tuesday, fell $1.97 or 1.96% to $98.33 a barrel following a 1.58% decline in the previous session.

A key factor contributing to the price drop is the shift of some investors from the October contract to November ahead of its expiry, according to a Singapore-based broker.