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Oil prices drop to 12-day low
Oil prices have fallen to their lowest levels in 12 days, with Brent crude dropping to $100.39 per barrel and West Texas Intermediate (WTI) to $95.66. This decline comes amid a continued recovery in Saudi oil shipments and investor expectations of diplomatic developments regarding the Iran conflict during the United Nations General Assembly meeting. U.S. President Donald Trump expressed his willingness to meet with his Iranian counterpart in New York, while Iran announced that it had informed mediators of its conditions to resume negotiations, despite ongoing threats exchanged between the two sides. Additionally, data shows that oil flows from the Middle East, especially Saudi Arabia, remain strong despite disruptions to the Saudi pipeline. Over the past few days, the average flow through the Strait of Hormuz has reached 2.9 million barrels per day, an increase from 700,000 barrels in August.
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