Oil Prices Continue Downward Trend Amid Diplomatic Efforts
Oil prices continued their decline on Monday as investors focused on diplomatic efforts to end the US-Iran conflict, despite fresh attacks by Yemen's Iran-backed Houthis keeping tensions elevated.
The price of expiring in November fell 0.9% to $102.93 per barrel, while slipped 1% to $99.27 per barrel, according to Asian trading data as of 20:33 ET (00:33 GMT).
US President Donald Trump's statement that he would probably be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly in New York this week may have contributed to the decline, as it could reduce the geopolitical premium in crude.
The latest Houthi attacks underscored the risks facing energy infrastructure and shipping routes in the region, with missile and drone strikes launched towards Riyadh on Saturday prompting Saudi Arabia to issue air-raid alerts for the capital.