Oil Prices Slide to 11-Day Low Amid Hopes for US-Iran Diplomacy

Oil prices dipped to an 11-day low on Monday as investors became hopeful about diplomatic progress between the US and Iran ahead of this week's United Nations meeting. The Brent crude futures contract for November fell to $101.18 a barrel, down 2.6% or $2.69 from its previous close.

The decline in oil prices was also attributed to a partial recovery in Saudi Arabia's exports after the country increased shipments through the Strait of Hormuz following attacks on its East-West pipeline by Yemen's Iran-backed Houthis. Satellite data revealed that Saudi oil moving through the Strait averaged 2.9 million barrels per day over the past six days, up from just 700,000 bpd in August.

The tensions between the US and Iran remain high, with both countries exchanging new threats on Sunday. However, President Donald Trump stated that he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN General Assembly this week.