Oil Prices Extend Decline Amid Diplomatic Efforts and Resilient Hormuz Flows

Crude oil prices continued their downward trend on Monday, falling to around $97.3 a barrel for the fourth consecutive session.

The decline is attributed to traders focusing on diplomatic efforts to de-escalate tensions between the US and Iran, as well as signs that oil and LNG shipments through the Strait of Hormuz remain resilient.

US President Donald Trump has expressed his willingness to meet with Iranian President Masoud Pezeshkian during this week's UN General Assembly in New York, potentially paving the way for a diplomatic breakthrough.

Meanwhile, US Central Command chief Admiral Brad Cooper reported that crude and LNG flows through Hormuz have reached a six-month high, with no mines detected on main transit lanes.