Oil prices fell by more than two percent amid rising hopes for diplomatic efforts to end the Iran-US war and the possibility of improved Saudi Arabian oil exports.

Reuters news agency reported on Monday, September 21 (Sunbula 30), that Brent crude oil fell by $2.16 to $101.71 per barrel, while US crude oil known as “West Texas Intermediate” also fell by $2.15 and traded at $98.15 per barrel.

The report states that the drop in oil prices has eliminated part of the “risk premium” that had been created in the market due to the Iran-US war.

This decline comes as Donald Trump, the US President, has said he is ready to meet with Masoud Pezeshkian, the Iranian President.

Pezeshkian is scheduled to travel to New York this week to attend the United Nations General Assembly meeting.

However, tensions in the region continue.

Yemen’s Houthis announced on Saturday missile and drone attacks on targets in Riyadh, the capital of Saudi Arabia, and an Aramco facility in the city of Yanbu.

According to preliminary data from the company “Kepler,” Saudi Arabia’s oil exports this month have so far reached more than four million barrels per day, while this figure was about 2.4 million barrels per day in August.

Analysts at JPMorgan bank have also said that despite disruptions in Saudi oil transfers, the flow of oil from the region has remained relatively strong in recent days.

These developments come as global oil markets closely monitor the Iran-US war developments and diplomatic efforts to reduce tensions.