Oil Holds Decline on Diplomacy Hopes
Crude oil steadied around $100 per barrel on Monday after declining for three consecutive sessions, pressured by hopes that increased diplomatic efforts could help end the Middle East conflict and restore energy flows from the region. President Donald Trump said he would “probably” be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly in New York this week. Trump may also meet with other Persian Gulf leaders, while he is scheduled to hold a summit with Chinese President Xi Jinping. Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani urged Gulf states to cooperate in restoring stability across the region, noting that messages were being exchanged between the US and Iran. Meanwhile, US Central Command chief Admiral Brad Cooper said oil and liquefied natural gas shipments through the Strait of Hormuz over the past two weeks had reached their highest level in six months.
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Brent crude steadied below $104 per barrel on Monday after declining for three consecutive sessions, pressured by hopes that increased diplomatic efforts could help end the Middle East conflict and restore energy flows from the region. President Donald Trump said he would “probably” be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly in New York this week. Trump may also meet with other Persian Gulf leaders, while he is scheduled to hold a summit with Chinese President Xi Jinping.
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani urged Gulf states to cooperate in restoring stability across the region, noting that messages were being exchanged between the US and Iran. Meanwhile, US Central Command chief Admiral Brad Cooper said oil and liquefied natural gas shipments through the Strait of Hormuz over the past two weeks had reached their highest level in six months.