Oil below $102 as President Trump open to meeting Pezeshkian
Oil prices slid below $102 a barrel on Monday, thanks to fresh optimism around U.S.-Iran relations.
The drop comes after President Trump said he is open to meeting Iran's President Pezeshkian, hinting at possible diplomatic progress and helping calm the market.
During the initial hour of trading on Monday, Brent futures were down more than 2%, with WTI also taking a hit.
Masoud Pezeshkian to attend U.N.
Iranian President Masoud Pezeshkian is heading to the U.N. General Assembly in New York, which could open doors for more talks.
Still, the region isn't totally calm: Houthi forces have launched attacks on Saudi sites recently.
Meanwhile, more than 1 billion barrels of oil have passed through the crucial Strait of Hormuz lately, underlining just how important this area is for global energy (and why everyone is watching so closely).