International crude oil prices dropped to an 11-day low on Monday following renewed prospects of diplomatic engagement to ease tensions surrounding the US-Iran conflict. Prices for both major benchmarks—Brent crude and West Texas Intermediate (WTI)—declined during early trading.
According to a report by Reuters, Brent crude fell by $2.16 per barrel to trade at $101.71, while WTI dropped by $2.15 per barrel to $98.15. This marks the first time since September 10 that Brent crude has fallen below $102 per barrel and WTI below $100 per barrel.
Market analysts attribute the price drop to a reduction in geopolitical risk premiums as investors anticipate potential diplomatic breakthroughs this week. Tim Waterer, chief market analyst at KCM Trade, noted that hopes of de-escalating US-Iran tensions have eased immediate market concerns, though the ultimate impact will depend on how diplomatic efforts unfold in the coming days.
— Daily Best News Desk • Fearless in the search for truth
Reported by International Desk • Edited by the Daily Best News desk. Send corrections to [email protected].
