Oil Extends Slide As US-Iran Diplomacy Gathers Pace

(RTTNews) - Oil prices extended slide to their lowest levels in more than a week on Monday amid hopes that diplomatic efforts could help ease tensions in West Asia.

Brent crude futures were down 1.8 percent at $102 a barrel, extending losses for a fourth straight session amid ongoing diplomatic efforts to end the U.S.-Iran conflict and restore energy flows from the region. WTI crude futures fell 1.6 percent to $94.51 a barrel.

Ahead of a crucial meeting this week between U.S. President Trump and Gulf-state leaders on the sidelines of the United Nations General Assembly, Trump warned Iran that it would fail economically or face its leadership being wiped out if it didn't make a deal.

Trump indicated potential for a meeting with Iranian President Masoud Pezeshkian in New York, adding that very big things could happen soon and he is in a "deciding mode" on military action, continued economic pressure or a deal.

U.S. Central Command chief Brad Cooper announced that energy traffic through the Strait of Hormuz reached a six-month high over the past two weeks and that American forces have helped 1 billion barrels of oil leave the Arabian Gulf in the last couple of months.

The U.S. Virtual Embassy in Iran urged Americans to leave immediately, warning of flight cancellations and airspace closures.

Iran said it sent conditions to Washington through Qatar for ending the war and vowed to retaliate harshly to any fresh attacks. Iranian military officials have indicated that Washington's regional allies could be treated as parties to the conflict.

Elsewhere, Saudi Arabia on Saturday confirmed that Yemen's Houthi rebels tried to attack its capital with a ballistic missile, the first strike targeting Riyadh since the new conflict began.

Speaking at the Qatar Economic Forum in New York, Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman AI Thani urged Gulf states to cooperate in restoring stability across the region.