Oil prices fell for a fourth straight session on Monday, with U.S. crude briefly moving back below $100 a barrel, according to CNBC.
CNBC market data showed West Texas Intermediate crude down 5.1% at $95.14 a barrel as of 10:51 a.m. ET. Global benchmark Brent crude was down 3.8% at $99.93 a barrel after touching $99.54, also below the $100 mark.
Reuters reported that both Brent and WTI earlier fell to their lowest levels since Sept. 10. CNBC said prices moved lower after two developments: President Donald Trump said he may meet Iranian President Masoud Pezeshkian during the United Nations General Assembly, and Trump has for now decided not to bomb Yemen’s Houthi forces.
Trump says he “probably would” meet Pezeshkian
The remarks came from a Sunday call between Trump and Fox News chief foreign correspondent Trey Yingst. Yingst later relayed the conversation on Fox & Friends Weekend. Asked whether he would be willing to meet Pezeshkian during the U.N. General Assembly, Trump replied that he “probably would.”
In the same conversation, Trump also said he was at a “decision-making stage” and that “very big things” would happen in the near future. According to Yingst’s account, Trump described the options as “wipe Iran out, wreck its economy, or make a deal,” then added: “My question is whether I should, and when I should, bomb the entire country. They better behave.”
Trump also said the U.S. is in contact with the Houthis and that the group had agreed not to fight the United States. CNBC, citing The New York Times, said officials in the Trump administration indicated that Trump has decided, for now, not to strike the Houthis even though Saudi Arabia had asked Washington to act.
Iranian president to travel to New York for the U.N.
Iran’s semi-official Tasnim News Agency reported that Pezeshkian will lead a delegation to New York for the U.N. General Assembly. He is expected to outline Iran’s position on international developments, with a focus on the war involving Iran, the United States and Israel, and hold talks with multiple world leaders during the meetings. This year’s high-level session runs on Sept. 22-26 and Sept. 28.
CNBC said news that the Iranian delegation would attend the gathering lifted market sentiment on Monday, sending stocks higher, oil lower and global government bond yields sharply down.
Iran’s military also said intelligence showed the U.S. and its allies were preparing a new large-scale attack. It warned: “If the United States makes any mistake against the Islamic Republic of Iran, all of its bases and interests in the region will face sustained, effective and painful attacks.” It added that regional countries supporting such attacks would be treated as part of the conflict.
Tehran still ties Strait of Hormuz reopening to June memorandum
Tehran has previously said it will not reopen the Strait of Hormuz until the United States fulfills commitments in a June memorandum. Those terms include ending the naval blockade of Iranian ports, easing sanctions, unfreezing Iranian assets and stopping military threats against Iran.
The Houthis said on Saturday that they launched missile and drone attacks on Riyadh, the Saudi capital. Riyadh issued an air raid alert that day, the first since fighting escalated in July. Saudi authorities said they intercepted and destroyed one ballistic missile, with no casualties or damage reported.
JPMorgan sees Saudi exports through Hormuz rising to 2.9 million barrels a day
Reuters said the market was also watching a partial recovery in Saudi crude exports. After Houthi attacks disrupted Saudi Aramco’s East-West pipeline, the company increased exports through the Strait of Hormuz this month and next month.
In a Sept. 18 report, JPMorgan analysts wrote: “Despite disruption to Saudi Arabia’s East-West pipeline, Middle East oil flows remain surprisingly strong.” Based on satellite data, Saudi crude exports through Hormuz averaged 2.9 million barrels a day over the past six days, up from 700,000 barrels a day in August.
JPMorgan also estimated that total Middle East crude flows averaged 17.1 million barrels a day over the past 10 days, still 6.1 million barrels a day below the 2025 average. Eurasia Group said in a Saturday report that even if the United States makes progress on shipments through the Strait of Hormuz, the rebound in flows would still not be enough to cover the broader supply gap. It expects Brent crude to trade in a $90 to $110 a barrel range for the rest of the year.