Oil prices dropped; Brent fell below 100 dollars per barrel
The global oil price faced a significant decline on Monday, with Brent oil dropping below 100 dollars per barrel for the first time since early September. U.S. crude oil also saw a more severe drop, falling to around 95 dollars. One of the main factors for the price reduction was the increase in Saudi Arabia’s oil exports from the Persian Gulf terminals following a disruption in the country’s East-to-West pipeline. Shipping data indicates that Saudi exports via the Persian Gulf have significantly increased in recent days. At the same time, market hopes for potential diplomatic progress between the U.S. and Iran during the United Nations General Assembly meetings have also reduced some of the war risk from oil prices.