Oil Prices Plummet on Diplomatic Hopes Amid US-Iran Conflict

Oil prices dropped to their lowest level in over a week on Monday as investors grew optimistic about a potential diplomatic breakthrough in the US-Iran conflict.

Brent crude futures fell by $2.16, or 2.08%, to $101.71 a barrel, while West Texas Intermediate crude declined by $2.15, or 2.14%, to $98.15 per barrel.

The decline was attributed to hopes that diplomacy could de-escalate the US-Iran war, with President Donald Trump stating he would be open to meeting Iranian President Masoud Pezeshkian at the United Nations General Assembly in New York this week.

Iran has conveyed its conditions for re-engaging in negotiations to mediators, according to Al Jazeera's interview with Iran's security chief, Mohsen Rezaei.