Oil Prices Slide Below $102 Amid US-Iran Diplomatic Efforts

Oil prices have fallen to their lowest level in more than a week, dropping below $102 per barrel. This decline comes as diplomatic efforts between the US and Iran raise hopes of de-escalation.

By 0213 GMT, Brent crude fell $2.16, or 2.08%, to $101.71 a barrel, while US West Texas Intermediate (WTI) also dropped $2.15, or 2.14%, to $98.15. Both benchmarks earlier reached their lowest levels since September 10.

Market analyst Tim Waterer said hopes for a diplomatic solution have reduced some of the risk premium in oil prices, but warned that the outcome remains uncertain.