Oil Prices Slide as Saudi Exports Recover, US-Iran Talks Hopes Mount

BP and Shell stocks fell in early London trading as crude oil prices declined more than 2% due to recovering Saudi Arabian exports and renewed US-Iran diplomacy hopes.

Brent crude dropped $2.22, or 2.1%, to $101.65 a barrel, while West Texas Intermediate fell $2.11, or 2.2%, to $93.97.

The shift in sentiment came after US President Donald Trump said he would be 'probably open' to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week.

No meeting has been confirmed, but the possibility of direct talks reduced some of the geopolitical premium attached to crude prices.