Oil Prices Plummet as Gulf Supply Outlook Improves

Oil prices fell to their lowest level in two weeks as concerns over supply disruptions from the Gulf region eased.

The Brent crude futures November contract dropped US$2.11, or 2.1%, to US$98.23 a barrel at 1151 GMT on September 22.

Iran signaled it could reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports.

Saudi Arabia is set to resume exports from its Red Sea port of Yanbu after restarting operations at its East-West Pipeline, which was shut down due to drone attacks on September 13.