Oil Prices Plummet on Renewed Diplomacy Hopes

Oil prices continued their downward trend for the fifth consecutive session on Tuesday, driven by growing hopes of renewed diplomacy between the US and Iran.

The Brent crude price briefly dipped below $98 a barrel, while the US crude price fell below $93, its lowest level since September 8, according to NBC News.

The decline in oil prices was attributed to reports that Iran could reopen the Strait of Hormuz within days if Washington eased pressure on Tehran. However, Iran's Fars news agency dismissed these claims as 'unreliable and untrue.'

US President Donald Trump has expressed a willingness to meet with Iranian President Masoud Pezeshkian at the UN General Assembly, which may have contributed to the optimism in the market.