Oil Prices Drop Amid Iran War Tensions
Oil prices have dropped to their lowest in 11 days as investors await diplomatic progress on the Iran war, which is scheduled for discussion at this week's UN meeting. The partial recovery of shipments in Saudi Arabia has also contributed to the decline.
The Brent Crude and US West Texas crude oil prices reached their lowest since September 10, nearing $100 a barrel. This comes after Iran and the US exchanged fresh threats on Sunday, but Donald Trump stated he would be willing to meet with his Iranian counterpart, who is expected to attend the UN General Assembly.
Tehran has reportedly expressed its conditions to mediators for re-engaging in discussions, but fighting in the region continues. The Yemen-based Iran-backed Houthis have attacked the Saudi capital and the Aramco facility in the Red Sea city of Yanbu, triggering a boost in exports through the Strait of Hormuz.