US-Iran Diplomacy Weighs on Oil Prices Amid Ongoing Conflict

Oil prices fell on Monday as investors looked for diplomatic progress over the US-Iran conflict during this week's United Nations meetings.

Brent crude futures for November traded at $101.75 a barrel, down $2.12 or 2%, while US West Texas Intermediate crude futures for October fell $1.96 or 2% to $98.34 a barrel.

Hopes for de-escalation weighed on oil prices as Iran and the US exchanged fresh threats, with President Donald Trump saying he was open to meeting Iranian President Masoud Pezeshkian this week.

Tensions in the Middle East remained elevated after Yemen's Houthi group attacked Saudi sites with missiles and drones, prompting China to ask Iran to help rein in the Houthis.