Oil prices tumble to 2-week low on hopes for critical pipeline reopening and Iran diplomacy

Oil prices fell sharply fell for a fifth straight trading session, reaching a two-week low on hopes of a renewed diplomatic push to end the Iran war and optimism over the reopening of a critical pipeline in Saudi Arabia.

Brent crude oil briefly slipped below $98 per barrel while U.S. crude oil fell below $93 per barrel, their lowest prices since Sept. 8.

Prices first began sliding overnight on reports that Iran was offering to reopen the Strait of Hormuz within days if the U.S. takes steps toward easing pressure on the country.

NBC News has not confirmed the reports. Iran’s semiofficial Fars news agency said that “Iranian sources have described these reports as unreliable and untrue,” without naming those sources.

It was the latest hint that there may be a window for Washington and Tehran to re-engage in their standoff over the Strait of Hormuz — a possibility that would be welcome relief for markets eager for the restoration of energy supplies from the Middle East.

President Donald Trump is holding a number of meetings with world leaders Tuesday at the United National General Assembly in New York City.

Trump signaled a willingness to meet with Iranian President Masoud…

Original source: https://www.nbcnews.com/business