Oil Prices Slide as Iran Diplomacy Sparks Fresh Hopes

Oil prices have fallen to their lowest level in over a week as investors weigh the possibility of U.S.-Iran diplomacy at the United Nations. The Brent crude futures fell $2.16, or 2.08%, to $101.71 a barrel, while U.S. West Texas Intermediate crude dropped $2.15, or 2.14%, to $98.15 a barrel.

The decline came as markets focused on the possibility of diplomatic efforts to de-escalate the U.S.-Iran conflict during the U.N. General Assembly in New York. President Donald Trump has said he would be open to meeting Iranian President Masoud Pezeshkian, while Iran has communicated conditions for returning to negotiations.

Saudi Arabia's oil shipments have shown signs of resilience despite attacks by Yemen's Houthis. Saudi oil exports have risen to more than 4 million barrels per day so far this month, up from about 2.4 million barrels per day in August.