Commodities
Oil Prices Slide on Hopes of Improved US-Iran Diplomacy
Oil prices hit their lowest in over a week on Monday due to hopes of improved diplomacy between the US and Iran, according to market analysts.
The price of Brent crude futures fell by $2.16 per barrel to $101.71, while US West Texas Intermediate crude lost $2.15 to $98.15.
This decline comes amid a United Nations meeting this week where Iranian President Masoud Pezeshkian is expected to be present, which has raised hopes for a diplomatic breakthrough in the ongoing US-Iran war.
The tensions in the Middle East remain high as Yemen's Iran-backed Houthis have attacked 'sensitive' sites in Saudi Arabia, but analysts say that oil flows from the region are surprisingly strong despite these disruptions.