FX.co ★ Crude Oil Falls for 4th Session

Crude oil fell to about $97.30 a barrel on Monday, marking a fourth consecutive session of losses, as traders focused on diplomatic efforts to ease US-Iran tensions and on evidence that oil and LNG shipments through the Strait of Hormuz remain robust. US President Donald Trump said he would likely be open to meeting Iranian President Masoud Pezeshkian during this week’s UN General Assembly in New York. Trump may also hold talks with other Persian Gulf leaders and is scheduled to attend a summit with Chinese President Xi Jinping. At the same time, US Central Command chief Admiral Brad Cooper noted that crude and LNG flows through the Strait of Hormuz have climbed to a six-month high, with the main shipping lanes confirmed clear of mines. Over the past 10 days, Middle East oil exports averaged 17.1 million barrels per day, despite ongoing disruptions to Saudi Arabia’s East–West pipeline following recent attacks.