Oil hits $101.71 per barrel

Oil prices fell to their lowest levels in more than a week, with Brent crude registering at $101.71 per barrel, down $2.16, and West Texas Intermediate at $98.15, down $2.15. This decline comes amidst hopes of easing diplomatic efforts to prevent an escalation of the war between the United States and Iran. The fall is attributed to the market discounting some risks and a drop in psychological support levels around $100, despite the mutual threats between the two countries. President Trump also confirmed his readiness to meet with the Iranian president during the United Nations General Assembly meetings. The market anticipates continued strong oil flows from the Middle East, despite ongoing deadlock and regional tensions.

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