Oil prices fall as hopes of de‑escalation with Iran reduce risk premium
Hopes at the UN General Assembly and partial resumption of Saudi shipments via the Strait of Hormuz pushed Brent down to $101.71 and WTI under $100.
Global oil benchmarks fell to their lowest levels in about ten days as growing hope that diplomacy at the UN General Assembly could pave the way for de‑escalation in the conflict with Iran eased some risk premia.
Brent futures slipped by $2.16, or 2.08 percent, to $101.71 per barrel, while US WTI futures fell $2.15, or 2.14 percent, to $98.15 per barrel, bringing WTI below the $100 per barrel threshold.
Supply signs from the Strait of Hormuz
The decline was also supported by a partial restoration of Saudi oil shipments through the Strait of Hormuz, which reduced immediate concerns about constrained flows from the region.
Satellite data show that flows of Saudi crude through the Strait of Hormuz averaged 2.9 million barrels per day over the past six days, compared with about 700,000 barrels per day in August.
Market analysts caution that the outlook remains uncertain and that any setback in diplomatic efforts or fresh disruptions to shipments could quickly reverse the recent drop in prices.
Photo: press material from the event
