Brent crude futures declined below 2 a barrel on Monday as markets reacted to hopes of diplomatic efforts easing West Asia tensions. US-Iran developments, continued Houthi attacks on Saudi Arabia and crude movement through the Strait of Hormuz remained key factors influencing oil prices and commodity market sentiment

Brent crude oil futures slipped below $102 a barrel on Monday as expectations of diplomatic engagement in West Asia helped reduce concerns over possible supply disruptions.

November Brent futures were trading at $101.62 a barrel, down 2.05%, while October West Texas Intermediate (WTI) crude futures stood at $98.02, declining 2.27%.

On the domestic market, September crude oil futures on the Multi Commodity Exchange (MCX) traded at ₹9,400, down 2.68% from the previous close.

US-Iran talks keep oil markets focused on diplomacy

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Oil markets reacted to developments around possible discussions between Washington and Tehran. US President Donald Trump said he would be willing to meet Iranian President Masoud Pezeshkian, who is expected to attend the United Nations General Assembly in New York this week.

Reports also indicated that Iran has communicated conditions to mediators for restarting negotiations with the US.

Meanwhile, US Central Command Commander Admiral Brad Coopersaid American forces had supported the movement of more than 1 billion barrels of crude oil through the Strait of Hormuz in recent months.

“That’s 1 billion barrels of crude oil out through the Strait of Hormuz in the last couple of months,” he said in a video post on X.

West Asia tensions continue to influence commodities

Despite diplomatic developments, security concerns remained as Yemen’s Houthis continued missile and drone attacks on Saudi Arabia. Reports said attacks targeted locations in Riyadh and an Aramco facility in Yanbu.

Market participants continued to monitor geopolitical developments, with crude prices balancing the possibility of improved diplomatic ties against risks of further disruption in key oil-producing regions.

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