Oil price dips to USD100

According to Business Recorder, crude values fell on Monday to a 12-day low. The Brent November contract closed at USD100.34 a barrel, down USD3.53 or 3.4 percent. The October WTI contract, which expires on Tuesday, dropped USD4.52 or 4.51 percent to USD95.78, while the November WTI contract stood at USD92.47.

Traders were counting on diplomatic movement over the Iran conflict before this week's UN gathering. Fresh threats were traded between Iran and the United States on Sunday. Donald Trump nonetheless signalled openness to a meeting with Iranian President Masoud Pezeshkian, who is expected in New York later this week. PVM Oil Associates analyst Tamas Varga said market participants were banking on a diplomatic breakthrough.

Tanker tracking figures indicated Aramco loaded roughly 14 million barrels onto seven supertankers in Gulf waters on Sunday. Satellite readings put the six-day average of Saudi crude moving through Hormuz at 2.9 million barrels daily, versus 700,000 in August. Yemen's Houthis claimed attacks on Riyadh and an Aramco site at Yanbu, a Red Sea city, as fighting persisted. Libya's Sharara oilfield reported a partial production cut, without a stated reason.