Commodities

Oil Prices Plummet Amid Hopes for US-Iran Diplomacy

Guavy AI Editorial Team Published September 21, 2026

Instruments

Oil

Oil prices plummeted to their lowest level in a week as hopes for diplomatic resolution between the United States and Iran sparked optimism. At 8:30 UAE time, Brent crude fell by 2.12% to $101.67 per barrel.

The benchmark for about two-thirds of the world's oil declined for the fourth consecutive session, with US West Texas Intermediate crude losing 2.24% and trading at $98.05 per barrel.

According to Tim Waterer, chief market analyst at KCM Trade, some of the risk premium is being removed from oil prices amid hopes for a diplomatic path to de-escalating the war between the US and Iran.

The Wire

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