Oil prices fall amid hopes for diplomacy — The National
Oil prices fell to their lowest level in a week amid hopes that diplomatic contacts during the UN General Assembly in New York, United States, could help de-escalate the conflict between the United States and Iran. According to The National, at 8:30 UAE time, Brent crude was down 2.12% at $101.67 per barrel.
Brent, the benchmark for about two-thirds of the world’s oil, declined for a fourth consecutive session. US West Texas Intermediate crude lost 2.24% and traded at $98.05 per barrel.
Expectations of diplomatic contacts
Tim Waterer, chief market analyst at KCM Trade, told Reuters that some of the risk premium is likely being removed from oil prices amid hopes for a diplomatic path to de-escalating the war between the United States and Iran. At the same time, he noted that it remains unclear whether such expectations will be met.
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Trump’s statements ahead of the UN General Assembly
US President Donald Trump said on Sunday that he is considering three options for ending the war with Iran: destroying Iran, allowing it to economically collapse, or reaching a deal. In comments to Fox News, he also said that Washington had received a list of demands from Tehran for ending the war.
Trump said he was ready to meet with Iranian President Masoud Pezeshkian, who is due to arrive in New York for the UN General Assembly, which begins on Tuesday. At the same time, there is no information on whether Tehran is ready for a meeting between the US and Iranian presidents.
Trump is also due to meet with officials from Gulf countries in New York this week. Representatives of Iraq, Jordan and Egypt are expected to take part in the talks. The topics include Iran, its proxies in the region and the further development of the conflict with the United States.
