Trump's Iran Meeting Proposal Sends Oil Prices Tumbling

Brent crude oil prices fell to $102.2 per barrel on Monday, a decline of nearly 1.6%, following US President Donald Trump's announcement that he is open to meeting with Iranian President Masud Pezeshkian at the UN General Assembly.

The price drop also affected West Texas Intermediate (WTI) crude oil, which fell by over 1.6% to $98.6 per barrel.

In an interview with journalist Trey Yingst, Trump stated that he is willing to negotiate with Iran and that the alternatives are 'to crush Iran, let them rot economically, or negotiate.' He also reiterated that the US maintains communication channels with Houthi militias in Yemen and that they agree not to fight against the United States.

Iranian President of Parliament Mohamad Baqer Qalibaf stated that free passage through the Strait of Hormuz will not be allowed unless Tehran's conditions are met, including the lifting of sanctions and cessation of hostilities.