Oil Prices Fall to Multi-Week Low on Diplomacy Hopes, Saudi Exports

Oil prices fell to their lowest levels in nearly two weeks on Monday, driven by investor hopes for diplomatic progress between the United States and Iran and a partial recovery in Saudi crude exports. Brent crude and U.S. West Texas Intermediate both touched their lowest levels since September 10, with WTI briefly dipping below the $100 per barrel mark. The decline came as traders assessed the possibility of a diplomatic opening during this week's United Nations General Assembly in New York. U.S. President Donald Trump stated on Sunday that he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the gathering. Iran has conveyed its conditions to mediators for re-engaging in negotiations, according to a report citing Iranian security chief Mohsen Rezaei. Despite the diplomatic signals, regional tensions remained high. Yemen's Iran-backed Houthi forces claimed to have launched missile and drone attacks against targets in Riyadh and a Saudi Aramco facility in the Red Sea city of Yanbu on Saturday. The attacks disrupted operations on Saudi Aramco's East-West pipeline, which connects the kingdom's eastern oil fields to its western Red Sea coast.