Oil prices fell on monday to their lowest levels in over a week:13 GMT-a drop of $2.16, or 2.08%-following a 0.91% decline on Friday. US WTI crude fell $2.15, or 2.14%, to $98.15 per barrel, after dropping 1.58% in the previous session.

According to National Iraqi News Agency, the decline in oil prices comes as market participants are closely monitoring developments at the United Nations meetings. The possibility of diplomatic discussions between the US and Iran is seen as a potential factor that could de-escalate tensions and influence global oil supply dynamics. Despite the ongoing conflict and attacks by the Houthis in Yemen, there is optimism about a partial recovery in Saudi oil shipments, which has been another contributing factor to the recent movements in oil prices.