
Crude oil prices fell for the fourth consecutive session as President Donald Trump signaled openness to diplomacy with Iran and decided against immediate military action in Yemen, despite ongoing regional supply concerns.
AI-generated summary
Crude oil prices had previously advanced more than 11% this month. Saudi Arabia recently shut down its East-West pipeline following attacks.
Crude oil prices fell for the fourth consecutive session Monday, after President Donald Trump has reportedly decided against bombing Yemen for now and indicated he was open to diplomacy with Iran.
U.S. West Texas Intermediate futures dropped 4% to $96.15 per barrel by 10:07 a.m. ET. Brent crude , the international benchmark, fell 3.3% to $100.47 a barrel. Prices have advanced more than 11% this month.
Trump told Fox News he would probably be open to meeting with Iranian President Masoud Pezeshkian at the UN General Assembly this week.
And the president has decided against bombing Iran-allied Houthi militants for the time being despite pleas from Saudi Arabia, Trump administration officials told The New York Times.
Meanwhile, crude flows from the Middle East appear resilient after Saudi Arabia shut down its East-West pipeline due to attacks.
However, potential supply issues continue to present themselves. Trump told Fox that he is in a "deciding mode" and "very big things" are going to happen in the near future regarding the US-Iran war.
Prices are likely to remain closely tied to the pace of export normalization and diplomatic progress, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.
"Any setback or renewed deterioration in shipping conditions would tighten the physical market and restore upward pressure on prices," Takieddine added.
AI outlook — possibilities, not facts
Continued price volatility tied to US-Iran diplomatic progress.
Likely · Within weeks

Oil closed lower in New York after Saudi Arabia restarted operations on the East-West pipeline, with the possibility of resuming exports from the Red Sea port of Yanbu. WTI loses 0.85% to 94.97 dollars a barrel, while Brent drops by 1.28% to 99.06 dollars.
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