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Oil prices fell sharply Monday as traders focused on prospects for U.S.-Iran diplomacy and signs of improving crude flows, outweighing escalating fighting between Saudi Arabia and Iran-backed Houthis in Yemen.
Brent crude futures for November dropped 3.7% to $100.07 a barrel after briefly slipping below $100. U.S. West Texas Intermediate crude fell 4.3% to $91.98.
Supply concerns eased after U.S. Central Command chief Admiral Brad Cooper said CENTCOM had supported the movement of more than 1 billion barrels of crude through the Strait of Hormuz in recent months. He added that crude oil, cargo and liquefied natural gas traffic through the waterway during the past two weeks reached its highest level in six months.
Saudi supply fears also diminished despite continued fighting in Yemen. The kingdom has increased east coast exports and permitted ship-to-ship transfers off Oman to offset the shutdown of its East-West Pipeline. Kpler data showed Saudi crude exports recovering to slightly above 4 million barrels per day in September from 2.4 million bpd in August.
Markets also reacted to hopes that Washington and Tehran could make diplomatic progress during the United Nations General Assembly. Reports indicated President Donald Trump was open to meeting Iranian President Masoud Pezeshkian, although both countries continued exchanging threats.
Chinese President Xi Jinping’s U.S. visit added another diplomatic angle because China remains the largest buyer of Iranian crude. Beijing said Xi and Trump would discuss major bilateral and global issues.
Meanwhile, high U.S. fuel prices prompted Republican lawmakers to call for restrictions on diesel exports. GasBuddy data showed average gasoline prices rising 18.5 cents over the past week to $4.44 a gallon, while diesel climbed 30.7 cents to $6.49.
Iowa Senator Chuck Grassley and Representative Ashley Hinson backed measures aimed at easing costs for farmers and truckers. Hinson proposed options including pausing diesel exports, suspending the gas tax, expanding E-15 fuel availability and restoring the $1-per-gallon biodiesel tax credit.
