Oil falls below $100 amid supply optimism

Oil futures prices dipped below $100 per barrel for the first time since September 9, amid optimism about the possibility of a diplomatic breakthrough regarding the Iran war and improvements in oil supplies. Brent crude futures for November delivery fell by 3.85% to reach $99.87, while US futures for October delivery dropped about 6% to $95.18, marking the fourth consecutive decline. Experts expect that this week's United Nations General Assembly meetings will help advance progress on the Iranian issue, as oil flow from the Gulf remains strong. The average Saudi oil flow through the Strait of Hormuz increased to 2.9 million barrels per day over the past six days, up from 700,000 barrels in August, with expectations that exports from the world's largest export port, Ras Tannurah, will continue to rise.

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