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Oil falls for 4th day; Trump says he will 'probably' meet Iranian president at UNGA
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Crude oil prices fell for a fourth consecutive day, on track for the longest losing streak since June, as traders focused on diplomatic efforts to end the US-Iran conflict and signs that oil continues to flow through the Strait of Hormuz. Brent crude futures dropped to around $101 per barrel, while WTI crude fell below $98. US President Donald Trump said he would 'probably' meet Iranian President Masoud Pezeshkian during the UN General Assembly in New York this week, and may also meet with Gulf leaders. Separately, US Central Command chief Admiral Brad Cooper reported that crude and LNG traffic through the Strait of Hormuz over the past two weeks was at its highest in six months, that the main channel had been cleared of mines, and that Gulf allies had shipped over 1 billion barrels through the waterway in recent months. Analyst Xuyi Zhao of Guotai Junan Futures said the market is transitioning from a period of worsening supply to one where the worst of the supply crunch may have passed, though Brent could still consolidate near $100 as conditions for a sustained decline are not yet in place.
Source report
Crude oil prices declined for the fourth straight day on Monday, on track for the longest losing streak since June, as traders closely monitored diplomatic efforts to end the U.S.-Iran conflict and signs that oil continues to flow through the Strait of Hormuz.
Brent crude futures fell to around $101 per barrel, while West Texas Intermediate (WTI) crude futures dropped below $98 per barrel.
U.S. President Donald Trump said he would "probably" be willing to meet with Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week, and may also hold talks with Gulf state leaders.
According to U.S. Central Command Commander Admiral Brad Cooper, crude oil and liquefied natural gas flows through the Strait of Hormuz over the past two weeks have reached their highest level in six months. In a video address, he stated that the main shipping channel in the waterway had been cleared of mines, and that allied Gulf states had transported more than 1 billion barrels of crude oil through the route "over the past few months."
Xuyi Zhao, senior oil analyst at Guotai Junan Futures, said the market is transitioning from a period of deteriorating supply conditions to a phase where the worst of the supply crunch may have passed. She added that despite this, Brent crude could still consolidate around $100 per barrel, as conditions for a sustained decline have not yet materialized.
As of 09:22 Beijing time:
- Brent crude oil futures for November delivery fell 2.4% to $101.43 per barrel
- WTI crude oil futures for October delivery fell 2.4% to $97.93 per barrel
For more exclusive analysis and expert commentary, visit the U.S. stock market channel.
Source
金融界Neutral / independent
Part of this Story
Oil prices fall for fourth day as US-Iran diplomacy and Hormuz flows ease supply fears