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Oil drops to week low amid diplomatic hopes
Oil prices dropped significantly at the start of the week to their lowest levels in over a week, amid renewed hopes of opening a diplomatic path to de-escalate the war between the United States and Iran during the United Nations General Assembly meetings this week. Brent crude traded around $101.71 per barrel after falling below $100, while West Texas Intermediate was approximately $98.15, with expectations of a narrowing risk premium due to potential diplomatic efforts. Despite heightened threats between Tehran and Washington, oil flows from the Middle East remain strong, averaging 17.1 million barrels per day over the past ten days, reflecting continued supply despite geopolitical tensions.
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