Oil Extends Losses To 4th Straight Session, Sheds Over 4%

(RTTNews) - Oil prices fell sharply on Monday, losing for a fourth straight session, amid hopes diplomatic efforts will help de-escalate tensions in the Middle East.

West Texas Intermediate crude oil futures for October dropped to $95.70 a barrel, losing more than 4.5%.

Ahead of this week's crucial meeting 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.

Easing concerns about supply weighed as well on prices. 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.

Meanwhile, tensions persist in the Middle East. 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.