Oil Prices Plunge as Saudi Exports Rebound and Diplomatic Hopes Rise

Oil prices plummeted to their lowest level in more than a week on Monday as Saudi exports rebounded and hopes for US-Iran diplomacy rose.

The Brent crude price dropped by about 2.1% to $101.71 a barrel, while West Texas Intermediate slid roughly 2.1% to $98.15, extending a four-session losing streak.

Saudi Arabia's oil exports have recovered to more than 4 million barrels per day so far in September after dropping to 2.4 million in August, the lowest level since at least 2013.

Despite ongoing attacks across the Middle East, Admiral Brad Cooper said that oil, LNG, and cargo volumes through the Strait of Hormuz over the past two weeks were the highest in six months due to improved transit conditions.