Oil price dips to US$100 on hopes of US-Iran diplomacy, partial recovery in Saudi exports
Both oil contracts fell for the day
Oil prices dipped to US$100 per barrel on Monday, September 21, as traders anticipated diplomatic progress in the Iran conflict following the recent United Nations meeting. The Brent crude futures November contract settled at US$100.34, while the WTI October contract fell to US$95.78. Both benchmarks dropped to their lowest levels since September 9.
Iran and the US exchanged new threats on Sunday, though President Trump indicated openness to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly. Analyst Tamas Varga noted that such a diplomatic breakthrough seemed unlikely just a few days ago. Meanwhile, Saudi Arabia's exports showed partial recovery, with Saudi Aramco loading 14 million barrels on seven supertankers in the Middle East Gulf on Sunday.
This marked an increase from the 700,000 barrels per day shipped via the Red Sea city of Yanbu in August.
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