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Oil dips as Iran tensions rise
Oil prices edged close to the $100 per barrel level, a significant psychological threshold, during Monday's trading, reaching their lowest in 11 days. This decline was driven by investors' hopes for diplomatic progress regarding the war with Iran during the United Nations meetings and their anticipation of a recovery in Saudi oil shipments. The mutual threats between Iran and the United States, along with statements from Iranian and American officials, increased tensions. However, oil flows from the Middle East remained strong, with Saudi Arabia averaging a flow of 2.9 million barrels per day over the past six days, up from 700,000 barrels in August. Additionally, the Sharara field in Libya experienced a partial decline in its production.
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