Oil Prices Plummet to One-Week Low Amid US-Iran Tensions
Oil prices plummeted to a one-week low on Monday due to the prospect of US-Iran talks at the upcoming UN General Assembly and a faster-than-expected increase in Saudi crude flows. By 03:50 GMT, Brent crude dropped 2.31 percent to $101.50 a barrel, while US West Texas Intermediate (WTI) fell 2.3 percent to $97.98 a barrel.
US President Donald Trump expressed his willingness to meet Iranian President Masoud Pezeshkian in New York this week and hinted at 'very big things' that would happen regarding the conflict between the two nations, stating he is in a 'deciding mode'. He outlined three potential courses of action: wiping Iran out, allowing its economy to collapse, or negotiating a deal.
US Central Command (Centcom) Commander Brad Cooper confirmed via social media that US forces have assisted in transporting over 1 billion barrels of crude oil through the Strait of Hormuz over the last few months. He highlighted that US forces achieved this milestone while providing coordinated protection for over 2,000 commercial vessel transits and claimed that Iran has exported 'zero crude' as a result of the US blockade.
Iran warned the US and its regional allies on Sunday that any further action would invite 'continuous, effective and painful' strikes against US bases and assets across the region, according to a statement from its central military command carried by state-run news agency IRNA.