- September 21, 2026
- Posted by: Tresmark
- Category:
Oil prices fell to their lowest level in more than a week on Monday as expectations of renewed diplomatic efforts to de-escalate the Iran conflict reduced some of the risk premium in crude markets.
Brent crude futures fell $2.16, or 2.08%, to $101.71 a barrel by 0213 GMT, after declining 0.91% in the previous session. US West Texas Intermediate (WTI) dropped $2.15, or 2.14%, to $98.15 per barrel, following a 1.58% decline in the prior session.
Both benchmarks touched their lowest levels since September 10. WTI also slipped below the key $100-per-barrel level.
Market sentiment improved on expectations that diplomatic efforts could gain momentum during the UN General Assembly this week. US President Donald Trump has indicated openness to meeting Iranian President Masoud Pezeshkian, while Tehran has reportedly conveyed conditions through mediators for a possible return to negotiations.
However, geopolitical risks remain elevated as Yemen’s Houthis continue attacks on Saudi targets, including energy infrastructure. The attacks have disrupted Saudi oil flows through the East-West pipeline and prompted Saudi Aramco to increase shipments through the Strait of Hormuz.
Saudi crude exports have recovered to more than 4 million barrels per day so far in September, compared with around 2.4 million bpd in August, according to provisional Kpler data.
JPMorgan analysts said Middle East oil flows have remained relatively resilient despite the disruptions, with total flows averaging 17.1 million bpd over the past 10 days. Saudi oil shipments through the Strait of Hormuz have also increased significantly, averaging 2.9 million bpd over the past six days versus 700,000 bpd in August.
