Oil Prices Slide as Traders Pin Hopes on Iran Diplomacy

Crude oil prices have been trending downward this week as traders remain hopeful about a diplomatic resolution to the Middle East conflict.

The US-Iran tensions, despite fresh threats being exchanged between Washington and Tehran over the weekend, seem to be influencing market sentiment with hopes pinned on a UN meeting this week.

Brent crude is currently trading at $102.05 per barrel, while West Texas Intermediate is at $98.50 per barrel.

Despite the escalating war in Yemen between the Houthis and Saudi Arabia, which could be expected to boost oil prices, traders are choosing to focus on potential diplomatic progress.