Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
SINGAPORE: Oil prices slid to their lowest in more than a week on Monday on hopes diplomacy in the Iran war will get a chance this week amid a UN meet and as investors eyed a partial recovery in shipments from Saudi Arabia despite ongoing attacks by Yemen’s Houthis. Brent crude futures and US West Texas Intermediate crude touched their lowest since September 10 earlier on Monday, with Brent at…
Oil prices fell to their lowest level in over a week on Monday, as traders hoped for a chance of diplomatic progress in the Iran war. The UN meet and Saudi Arabia's potential recovery in shipments provided grounds for optimism. Brent crude futures and US West Texas Intermediate crude reached their lowest since September 10, with Brent at $101.71 a barrel and US West Texas Intermediate at $98.15 a barrel.
Analysts noted that a degree of risk premium was being removed from oil prices due to hopes of a diplomatic solution to the US-Iran conflict. Tensions remained high as Iran threatened the US, while President Trump expressed openness to meeting Iranian President Masoud Pezeshkian.
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