Global fuel oil prices decline

Crude oil prices fell amid the ongoing conflict in the Middle East. On Monday, Brent crude prices dropped 2.33% from the previous day to $101.63 per barrel.

Amid the US-Iran war, Saudi Arabia and Yemen's Houthi rebels carried out retaliatory attacks against each other. As a result, oil prices rose significantly last week. On September 15, Brent crude prices reached $109.31 per barrel.

According to OilPrice.com, WTI crude prices also declined considerably on Monday. Falling by more than 2%, WTI crude stood at $98.22 per barrel.

A Reuters report said that discussions on the Iran war could potentially begin this week on the sidelines of a United Nations meeting.

Tim Waterer, chief market analyst at KCM Trade, said a diplomatic pathway toward ending the US-Iran war could emerge this week. Oil prices are declining somewhat in anticipation of such a development, he said.

Meanwhile, amid mutual threats between Iran and the United States, President Donald Trump has expressed interest in meeting with Iranian President Masoud Pezeshkian.

The Iranian president may travel to New York this week to attend the United Nations General Assembly.