Global crude oil benchmarks tumbled to their lowest levels in over a week on Monday, pressured by rising optimism surrounding diplomatic efforts at the United Nations (UN).
Brent crude futures fell $2.16 to $101.71 a barrel, while U.S. West Texas Intermediate dropped $2.15 to $98.15.
The sell-off reflects easing market jitters following a partial recovery in Saudi export shipments, despite persistent regional threats from Yemen’s Houthi movement.
This downward pressure extends a recent correction from multi-month highs triggered earlier in the month by pipeline sabotage and chokepoint tensions.
Energy markets remain highly volatile as traders weigh Middle Eastern supply risks against potential diplomatic breakthroughs aimed at de-escalating regional conflicts.
