Brent Crude Falls to $101.71 as US–Iran Diplomacy Hopes Grow

Brent Crude Falls to $101.71 as US–Iran Diplomacy Hopes Grow

Brent crude fell to $101.71 per barrel while US West Texas Intermediate (WTI) slipped below $100 as investors weighed renewed prospects of diplomatic engagement between the United States and Iran.

Checks on September 21 showed WTI trading at $98.20 per barrel, down $2.10, while Brent declined by $2.12 to $101.75. Both benchmarks touched their lowest levels since September 10 earlier in the session.

The drop reflects investor optimism that talks at the UN General Assembly in New York could ease tensions. Iran’s Supreme National Security Council Secretary Mohsen Rezaei said Tehran had set conditions for negotiations, including the release of frozen funds and an end to the US naval blockade.

President Donald Trump warned Iran’s leaders to reach a deal or face severe economic consequences but also signaled openness to meeting Iranian President Masoud Pezeshkian during the UN gathering.

The prolonged US–Iran standoff has disrupted energy markets and heightened military tensions across the Middle East. Gulf mediation efforts have faltered, with Iran postponing a planned meeting on Hormuz shipping and sanctioning 77 vessels for protocol violations.

Recent attacks involving Iran, Yemen’s Houthi rebels and Saudi Arabia had pushed crude prices higher, with Brent briefly above $107 and WTI above $102. The latest diplomatic signals have reduced some of that supply-risk premium.

It remains unclear whether the decline will ease petrol prices in Nigeria, where pump prices recently hit ₦1,400–₦1,450 per litre. Energy inflation rose to 4.69% in August, reversing July’s decline, though official data do not yet reflect September’s surge.