Islamabad: Global crude oil prices fell sharply on Monday, with U.S. West Texas Intermediate (WTI) crude dropping by around 5% to nearly $95 per barrel, while Brent crude declined by more than 3.5% to around $100 per barrel.
The decline came as markets responded to renewed hopes of diplomatic progress toward de-escalating the ongoing U.S.-Iran conflict.
Investors are closely watching developments surrounding the United Nations General Assembly in New York, where diplomatic contacts could take place.
Oil prices were also pressured by signs of a partial recovery in Saudi Arabia’s crude shipments, easing some concerns about disruptions to global oil supplies despite continued tensions in the region.
Market participants remain cautious, however, as the conflict and attacks in the region continue to pose risks to energy supplies and shipping routes.