Saudi Oil Exports Rebound Amid Hopes for Iran-US Diplomacy

Oil prices fell on Monday to their lowest in over a week due to hopes of diplomacy between Iran and the US, which will meet at the UN General Assembly this week. The price drop was also influenced by a partial recovery in Saudi Arabia's oil exports despite ongoing attacks by Yemen's Houthis.

Brent crude touched its lowest since September 10, trading at $101.71 a barrel, down $2.16 or 2.08%, while US West Texas Intermediate (WTI) crude lost $2.15 or 2.14% to $98.15 a barrel.

Analysts believe that the decrease in risk premium on oil prices is due to the possibility of de-escalating the US-Iran war through diplomacy, according to Tim Waterer, chief market analyst at KCM Trade.