FX.co ★ Oil Holds Decline on Diplomacy Hopes

Crude oil stabilized near $100 per barrel on Monday after falling for three consecutive sessions, as growing optimism over diplomatic efforts to resolve the Middle East conflict raised hopes for the restoration of regional energy supplies. President Donald Trump said he would “probably” be willing to meet Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly in New York this week. Trump may also hold talks with other Persian Gulf leaders and is scheduled to meet Chinese President Xi Jinping at a summit. Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani called on Gulf states to work together to restore regional stability, noting that messages were being exchanged between the United States and Iran. At the same time, US Central Command chief Admiral Brad Cooper reported that shipments of oil and liquefied natural gas through the Strait of Hormuz over the past two weeks had reached their highest level in six months.