Oil prices slide to 11-day low on hopes of US-Iran diplomacy, Saudi exports

Key Points:

• Oil prices fell to their lowest in 11 days, with Brent crude at $101.75 per barrel and WTI at $94.16 for November contracts, due to hopes for diplomatic progress on the Iran conflict during this week's UN meeting.
• Despite recent threats exchanged between Iran and the US, President Trump expressed openness to meeting Iranian President Masoud Pezeshkian at the United Nations General Assembly.
• Tensions remain high as Iran-backed Houthis attacked key sites in Saudi Arabia, including Riyadh and the Aramco facility in Yanbu, prompting Saudi Arabia to increase oil exports via the Strait of Hormuz.
• Iran warned it would escalate attacks with new weapons if the US launched further offensives, while China has urged Iran to restrain the Houthis following Saudi Arabia's appeal.
• Analysts noted that Middle East oil flows remain strong despite disruptions, with Saudi Arabia significantly increasing shipments through the Strait of Hormuz from 700,000 bpd in August to 2.9 million bpd recently.