Oil Prices Plummet Amid Hopes for US-Iran Diplomacy Breakthrough

Oil prices plummeted on Monday, hitting their lowest level in 12 days. The Brent futures for November delivery settled down $3.53, or 3.4%, at $100.34 a barrel. Meanwhile, October West Texas Intermediate (WTI) futures fell $4.52, or 4.51%, to $95.78 a barrel.

The decline came as investors raised their hopes for progress in US-Iran peace talks. US President Donald Trump said he was open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week to attend the UN General Assembly.

'Investors are pinning their hopes on a breakthrough in peace talks this week,' said PVM Oil Associates analyst Tamas Varga. Bob Yawger, director of Energy Futures at Mizuho, added that 'this is a step in the right direction.'