Oil falls as crude flows remain 'surprisingly strong'

Oil prices fell for the fourth consecutive session Monday, after President Donald Trump indicated he was still open to diplomacy with Iran.

Futures for international benchmark Brent crude for November delivery fell 2.6% to $101.17 a barrel as of 7:30 a.m. ET. U.S. West Texas Intermediate futures for October dropped 2.5% to $97.78 per barrel.

Trump told Fox News he would probably be open to meeting with Iranian President Masoud Pezeshkian at the UN General Assembly this week. Meanwhile, crude flows from the Middle East appear resilient after Saudi Arabia shut down its East-West pipeline due to attacks.

"Middle East oil flows remain surprisingly strong despite the disruption to Saudi Arabia's East-West pipeline," according to JPMorgan analysts in a Sept. 18 note. The total oil flows averaged 17.1 million barrels per day in the past 10 days, 6.1 million bpd below the 2025 average, it added.

However, potential supply issues continue to present themselves. Trump told Fox he is in a "deciding mode" and "very big things" are going to happen in the near future regarding the US-Iran war.

Prices are likely to remain closely tied to the pace of export normalization and diplomatic progress, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

"Any setback or renewed deterioration in shipping conditions would tighten the physical market and restore upward pressure on prices," Takieddine added.