Oil prices on Monday fell to the lowest level in more than a week, amid hopes for a diplomatic opening in the war against the Islamic Republic, as the new week of the UN General Assembly began.

Brent oil fell by $2.16 to $101.71. U.S. West Texas Intermediate also dropped by $2.15 to $98.15, falling below the psychological level of $100. Both indexes reached their lowest levels since September 19.

Tim Waterer, senior market analyst at KCM Trade, said part of the “risk premium” — the added amount that fear of war had put on the price — had come off oil. He added: “Whether this hope proves to be right or not is another question. Time will tell.”

Donald Trump, the U.S. president, said he is ready to meet with Masoud Pezeshkian, who is expected to be in New York this week to attend the General Assembly.

Saudi Arabia, too, after the Houthi attacks on the East-West pipeline, has increased exports via the Strait of Hormuz.

Hashtags: ["VOA Persian"]