US-Iran Diplomatic Efforts Weigh on Oil Prices Near $102
Oil prices have stabilized near $102 per barrel as investors closely watch developments surrounding possible US-Iran talks during the United Nations General Assembly in New York this week.
The Brent crude futures price is currently down by 0.07% at $101.71 per barrel, while West Texas Intermediate (WTI) crude futures has dropped by $0.63 or 0.67% to $93.38 per barrel as of [10:09 am] PST.
Market participants remain focused on diplomatic efforts after the US and Iran exchanged threats over the weekend, but US President Donald Trump said he remains open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN General Assembly this week.
Iran has communicated conditions to mediators for a possible return to negotiations, according to Al Jazeera, citing Iran's security chief Mohsen Rezaei. Meanwhile, tensions in the Middle East remain elevated after Yemen's Iran-backed Houthis said they had attacked Riyadh and a Saudi Aramco facility in Yanbu.