Oil Prices Plunge 5% on Hopes of Trump-Iran Talks

International oil prices plunged roughly 5% on the 21st (local time), falling below $100 per barrel. The decline came as U.S. President Donald Trump expressed his willingness to hold talks with Iranian President Masoud Pezeshkian at the UN General Assembly, easing supply concerns stemming from the Middle East. Brent crude for November delivery, the global benchmark, closed 4.5% lower at $99.21 per barrel from the previous session. West Texas Intermediate (WTI) crude for October, the U.S. benchmark, also dropped 5.5% to $94.76 per barrel. Prices have now fallen for four consecutive trading days.

President Trump was reported to have signaled his readiness to meet and speak with President Pezeshkian at the UN General Assembly. However, he also warned that the United States would launch a massive attack if Iran fails to behave properly. Attention is focused on whether the two leaders will meet during the UN General Assembly.

Saudi Arabia reportedly asked the United States to carry out direct airstrikes against Iran-backed Houthi rebels, but President Trump declined the request. The Houthis have continuously threatened Saudi Arabia. On the 19th, they attacked the Saudi capital of Riyadh and Yanbu, a key oil export port on the Red Sea.