Oil prices approach $100 as investors watch Iran diplomacy

Oil prices fell to their lowest level in 11 days on Monday, with investors looking for signs of diplomatic progress in the Iran war and a partial recovery in Saudi Arabian shipments.

Brent crude and US West Texas prices reached their lowest points since September 10, moving closer to approximately $100 per barrel. Investor attention was focused on the possibility of diplomatic developments linked to a United Nations meeting scheduled for that week.

Diplomatic uncertainty remains

Iran and the United States exchanged fresh threats on Sunday, according to the report. US President Donald Trump said he would be willing to meet his Iranian counterpart, who was expected to attend the United Nations General Assembly. The Iranian leader was not identified in the report.

Tehran had reportedly communicated conditions to mediators for returning to discussions, although the details of those conditions were not provided. Fighting in the region continued alongside the diplomatic uncertainty.

Regional attacks add to market concerns

Yemen’s Iran-backed Houthis said they had attacked the Saudi capital and an Aramco facility in Yanbu. The reported attacks were attributed to the Houthis, with no independent confirmation supplied.

The report also referred to attacks involving Aramco’s east-west pipeline and to efforts to boost exports through the Strait of Hormuz after some shipments via Yanbu had been stopped. It additionally said the Houthis were seeking to sever the Red Sea coast from locations still held by Saudi-backed forces.

Against this backdrop, investors were monitoring both the possibility of diplomatic engagement and developments affecting Saudi oil shipments. China urged Tehran to help fight the Houthis, adding another international dimension to the regional tensions.