Oil prices fell to their lowest level in 12 days on September 21, with Brent crude briefly dropping below $100 a barrel as investors focused on the possibility of renewed U.S.-Iran diplomacy and signs of a partial recovery in Saudi oil exports.
Reuters reported that November Brent futures fell as low as $99.51 a barrel, down about 4.2% at that point in the session. U.S. West Texas Intermediate crude also declined, with the expiring October contract falling to about $95 a barrel.
The market move came despite continuing tensions in the Middle East. Investors were watching this week's United Nations meetings after U.S. President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian. That possibility was treated by markets as a potential diplomatic opening, not as evidence that an agreement had been reached.
Supply expectations also shifted. Tanker-tracking data cited by Reuters showed Saudi Aramco had loaded about 14 million barrels of crude onto seven supertankers in the Gulf, while Saudi oil moving through the Strait of Hormuz averaged about 2.9 million barrels per day over the previous six days, up sharply from August levels.
Expectations that some Saudi export flows were recovering added downward pressure on prices. The oil market remains highly sensitive to security developments, shipping risks and any change in diplomatic expectations surrounding the Iran conflict.