Iran-US Diplomatic Hopes Send Oil Prices Plummeting
Oil prices have plummeted to their lowest point in over a week as diplomatic efforts between Iran and the United States gain traction. Brent crude futures dropped by $2.16, or 2.08 percent, to $101.71 a barrel by 02:13 GMT.
The decline comes ahead of the UN General Assembly and amid speculation over potential talks between Tehran and Washington. US President Donald Trump has indicated his readiness for a possible meeting with Iranian President Masoud Pezeshkian, while Iran has conveyed its conditions for re-entering negotiations through diplomatic mediators.
However, regional tensions persist as the Iran-backed Houthis announced missile and drone strikes targeting positions in Riyadh and Aramco facilities in Yanbu. The militant group also warned regional nations that supporting Saudi Arabia would make their bases and vessels targets for future attacks.