Oil Prices Slide as Traders Bet on Iran Diplomacy

Crude oil prices started the week with a slide, moving down to the lowest in a week on renewed hopes about a diplomatic resolution of the war in the Middle East, despite the absence of any evidence that there is willingness for negotiations on either side.

At the time of writing, Brent crude was trading at $102. 05 per barrel, and West Texas Intermediate was changing hands for $98. 50 per barrel, as traders pinned their hopes on a UN meeting this week, despite the fact that Washington and Tehran traded fresh threats this weekend. The U. S.