OIL PRICES | Crude Falls for Fourth Straight Day as Traders Watch Diplomacy and Strait of Hormuz Traffic

Crude oil prices fell for a fourth straight day and were on track for their longest losing streak since June. According to Sina Finance, traders were closely watching diplomatic efforts to end the U.S.-Iran war and signs that oil can still move through the Strait of Hormuz. Brent crude futures fell to around $101 a barrel, while WTI crude futures dropped below $98 a barrel. U.S. President Donald Trump said he was "probably" willing to meet Iranian President Masoud Pezeshkian during this week's United Nations General Assembly in New York and could also meet Gulf leaders. U.S. Central Command Commander Admiral Brad Cooper said crude oil and liquefied natural gas traffic through the Strait of Hormuz over the past two weeks was at its highest level in six months. In a video address, he said the waterway's main shipping lane had been cleared of mines and that Gulf allies had transported more than 1 billion barrels of crude through the strait "in the past few months." Xuyi Zhao, senior oil analyst at Guotai Junan Futures, said the market is shifting from a period of worsening supply conditions to one in which the most severe supply tightness may already have passed. She added that Brent could still consolidate around $100 because conditions for a sustained decline have not yet materialized. As of 09:22 (UTC+8), Brent crude futures for November delivery were down 2.4% at $101.43 a barrel, and WTI crude futures for October delivery were down 2.4% at $97.93 a barrel.