Oil Prices Dip Below $100 Amid Hopes for Diplomatic Progress

Oil prices dipped briefly below $100 per barrel on Monday as investors eyed a partial recovery in shipments from Saudi Arabia and hopes for diplomatic progress on the Iran war.

The Brent crude futures contract, which expires in November, fell to $100.39 a barrel, down $3.48 or 3.35% from its previous value.

The US West Texas Intermediate (WTI) October contract, set to expire on Tuesday, dropped $4.64 or 4.63% to $95.66 per barrel, while the November contract stood at $92.34.

The price dip was partly attributed to Saudi Arabia's efforts to boost oil exports through the Strait of Hormuz after halting some shipments via Yanbu due to attacks by Yemen's Houthi rebels.