Oil Prices Tumble on Hopes for Iran Diplomacy, US Meeting

Oil prices have declined to their lowest in 11 days, driven by investor hopes for diplomatic progress on the Iran conflict. The decline comes ahead of this week's United Nations meeting and a partial recovery in Saudi Arabia shipments.

The Brent crude futures contract for November touched $101.75 per barrel, down $2.12 or 2% from earlier Monday. The US West Texas Intermediate (WTI) crude also fell to its lowest since September 10, with the October contract expiring on Tuesday dropping by $1.96 or 2% to $98.34 a barrel.

The November WTI contract stood at $94.16 per barrel. President Donald Trump stated that he would be open to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week, despite exchanging new threats with Iran on Sunday.