Commodities
Oil Prices Plummet Amid US-Iran Diplomatic Hopes
Oil prices have dropped on the global market, according to APA-Economics. Brent crude futures for November delivery declined by $2.27, or 2.19%, to $101.60 per barrel.
The decline in oil prices was driven by expectations of a possible resumption of diplomatic contacts between the United States and Iran, as well as increased oil exports from Saudi Arabia.
Saudi Arabia's oil exports rose above 4 million barrels per day in September, contributing to the decrease in oil prices. The possibility of US-Iran talks on the sidelines of the UN General Assembly has strengthened market hopes for a reduction in geopolitical risks.