Influenced by diplomatic efforts to restart the war in Iran and optimism about the reopening of Saudi Arabia's key pipelines, international oil prices fell sharply for the fifth consecutive trading day, reaching their lowest level in two weeks. The price of Brent crude oil briefly fell below 98 US dollars per barrel, and the price of US crude oil fell below 93 US dollars per barrel, all of which hit the lowest price since September 8. The report said that if the US takes steps to ease pressure on Iran, Iran is willing to re-open the Strait of Hormuz within a few days. Affected by this news, oil prices began to fall for the first time overnight. Iran's semi-official Farsi News Agency said “Iranian sources described these reports as unreliable and untrue,” but did not reveal the source's specific identity. This is the latest sign that Washington and Tehran may resume contacts over the Strait of Hormuz standoff. For a market eager to restore energy supply in the Middle East, this possibility will bring welcome relief. US President Donald Trump met with a number of world leaders during the UN General Assembly in New York on Tuesday. Trump's signal that he is willing to meet with Iranian President Masood Pezzahizyan has allayed some market concerns. When asked if the leaders of the two countries might meet, Secretary of State Marco Rubio said, “I don't think there are any meetings scheduled yet.” Rubio added that the US is “open” to such meetings. Since the US and Israel launched the war on Iran on February 28, boat traffic in the Strait of Hormuz has at times almost come to a standstill. According to MarineTraffic data, the number of daily ships has never passed more than 20 in the past week.

Influenced by diplomatic efforts to restart the war in Iran and optimism about the reopening of Saudi Arabia's key pipelines, international oil prices fell sharply for the fifth consecutive trading day, reaching their lowest level in two weeks. The price of Brent crude oil briefly fell below 98 US dollars per barrel, and the price of US crude oil fell below 93 US dollars per barrel, all of which hit the lowest price since September 8. The report said that if the US takes steps to ease pressure on Iran, Iran is willing to re-open the Strait of Hormuz within a few days. Affected by this news, oil prices began to fall for the first time overnight. Iran's semi-official Farsi News Agency said “Iranian sources described these reports as unreliable and untrue,” but did not reveal the source's specific identity. This is the latest sign that Washington and Tehran may resume contacts over the Strait of Hormuz standoff. For a market eager to restore energy supply in the Middle East, this possibility will bring welcome relief. US President Donald Trump met with a number of world leaders during the UN General Assembly in New York on Tuesday. Trump's signal that he is willing to meet with Iranian President Masood Pezzahizyan has allayed some market concerns. When asked if the leaders of the two countries might meet, Secretary of State Marco Rubio said, “I don't think there are any meetings scheduled yet.” Rubio added that the US is “open” to such meetings. Since the US and Israel launched the war on Iran on February 28, boat traffic in the Strait of Hormuz has at times almost come to a standstill. According to MarineTraffic data, the number of daily ships has never passed more than 20 in the past week.