[International Oil Prices] Fall Below $100 a Barrel... Trump: "Open to Talks with Iran"

[Financial News]  

Global oil prices plunged about 5% on the 21st (local time), falling below $100 a barrel. Prices dropped on expectations that U.S. President Donald Trump and Iranian President Masoud Pezeshkian would meet and hold talks at the UNGA.
Analysts say Trump appears intent on resolving the issue through talks with Iran rather than allowing the conflict to escalate, particularly as he is reportedly known to have rejected the Saudi government’s request to launch airstrikes against the Houthi rebels.
The November Brent crude oil contract, the international benchmark, fell 4.5% from the previous session to $99.21 a barrel.
The October West Texas Intermediate crude oil (WTI) contract, the U.S. benchmark, also plunged 5.5% to $94.76 a barrel.
Global oil prices fell for a fourth consecutive trading day.
Trump told Fox News that he was willing to meet and talk with Iranian President Masoud Pezeshkian at the UNGA. Although he threatened a large-scale attack if Iran failed to behave properly, the remarks were interpreted as pressure intended to bring Iran to the negotiating table.
A report by The New York Times (NYT) that Trump rejected an attack on the Houthi rebels also points to a shift toward talks rather than escalation. According to NYT, Saudi Arabia asked Trump to launch direct airstrikes against the Iran-backed Houthi rebels, but he refused. The Houthi rebels continue to threaten Saudi Arabia, including by attacking the East–West Crude Oil Pipeline (Petroline), an alternative route around the Strait of Hormuz. On the 19th, they attacked Riyadh, the Saudi capital, and Yanbu, a major oil-export port on the Red Sea.

[email protected] Song Kyung-jae Reporter