Oil prices fell sharply on Monday as the market awaits new diplomatic discussions on the war in the Middle East, particularly during the United Nations General Assembly in New York this week. The price of a North Sea Brent barrel for November delivery lost 3.35% to $100.39, having previously dropped to $99.54. The West Texas Intermediate barrel for October delivery declined 4.68% to $95.61.
According to analysts, the market is optimistic about the potential for diplomatic breakthroughs, which could lead to increased oil supply and stabilize prices. Former US President Donald Trump stated on Sunday that he would likely be open to meeting Iranian leader Massoud Pezeshkian at the UN summit, according to reports from a Fox News journalist. This development has contributed to the decline in oil prices.
The Iranian government announced on Sunday that it had transmitted its conditions for reopening the strategic Strait of Hormuz to the United States. The strait is a critical waterway for global oil exports, and tensions between Iran and the US have been high. China's President Xi Jinping is also scheduled to visit the US from Wednesday to Friday, where he will discuss "peace and development in the world" with his American counterpart.
Despite the decline in oil prices, concerns about refined petroleum products persist. The International Energy Agency (IEA) noted that products such as diesel, aviation kerosene, and gasoline are under greater pressure than crude oil. The production of these refined products in Russia has been significantly impacted by Ukrainian drone strikes on Russian refineries.
The ongoing conflict in the Middle East and its impact on oil production and refining have contributed to record-high diesel prices in the US. The average price of diesel reached $6.51 per gallon on Monday, according to the American Automobile Association (AAA). Former US President Donald Trump commented on the situation, stating that the conflict in Ukraine "must be stopped."
Meanwhile, in the Democratic Republic of Congo, the economic situation is being closely monitored. A recent survey conducted after the C64 march on September 15, 2026, found that 68% of Congolese people believe that the mobilization of the C64 is weak. The survey was conducted in Kinshasa and other provincial capitals, excluding areas directly affected by armed conflicts.
In other news, a report has revealed that coltan, a valuable mineral, is being smuggled from the Democratic Republic of Congo to Rwanda through clandestine channels. The report highlights the need for greater regulation and monitoring of the mineral trade in the region to prevent such smuggling.
Key points
- Oil prices decline amid hopes of diplomatic talks in the Middle East
- Diplomatic efforts gain momentum with potential meeting between Trump and Pezeshkian
- Concerns about refined petroleum products persist despite decline in oil prices
