Oil price dips to US$100 on hopes of U.S.-Iran diplomacy, partial recovery in Saudi exports

NEW YORK, Sept 21 (Reuters) – Oil prices eased on Monday to their lowest level in 12 days, as investors for diplomatic progress on the Iran war due to this week’s United Nations meeting and eyed a partial recovery in shipments from Saudi Arabia.

The Brent crude futures November contract settled at US$100.34 a barrel, down US$3.53, or 3.4%. The WTI October contract that ​is expiring on Tuesday fell $4.52, or 4.51%, to $95.78 a barrel. The November contract stood at US$92.47.

Both benchmarks ​fell to their lowest since 9th September. On Sunday, Iran and the U.S. exchanged new threats, ⁠although President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected ​to be in New York this week for the United Nations General Assembly.