Oil prices fall to their lowest level in a week!
Brent crude futures fell 2.08% to $101.71 per barrel, while WTI crude declined 2.14% to $98.15 per barrel.
Oil prices fell to their lowest level in more than a week on Monday, driven by expectations of possible diplomatic talks between the United States and Iran and the partial resumption of Saudi Arabia’s oil shipments.
Brent crude futures fell 2.08% to $101.71 per barrel, while WTI crude declined 2.14% to $98.15. Analysts say the possibility of a diplomatic solution to prevent further escalation of the US-Iran conflict is weighing on prices.
US President Donald Trump said he was open to meeting Iranian President Masoud Pezeshkian. Meanwhile, attacks by Yemen’s Houthi group on Saudi Arabia continue to keep tensions in the region elevated.
According to available data, Saudi Arabia’s oil shipments through the Strait of Hormuz averaged 2.9 million barrels per day over the past six days. In August, the figure stood at 700,000 barrels per day. The increase has partially eased concerns about supply in the oil market.