Oil Prices Slide on Hopes of Diplomatic Progress in US-Iran War

Oil prices slid to their lowest in over a week on Monday as investors hoped for diplomatic progress on the US-Israeli war on Iran ahead of this week's UN meeting.

The Brent crude futures and US West Texas Intermediate (WTI) crude touched their lowest since September 10, with the Brent contract for November at $102.09 a barrel, down $1.78 or 1.71 per cent from Friday.

Tim Waterer, chief market analyst at KCM Trade, attributed the decline to hopes that a diplomatic path to de-escalate the US-Iran war may arrive this week.

Tensions in the Middle East remained elevated as Yemen's Houthi rebels attacked 'sensitive' sites in Saudi Arabia, prompting China to ask Iran to help rein in the Houthis after an appeal by Saudi Arabia.