West Texas Intermediate crude closed sharply lower in New York on Monday, falling 4.50% to settle at $95.79 a barrel, according to ANSA.
The decline came as traders weighed diplomatic signals between the United States and Iran alongside the resumption of Saudi Arabian exports, Yahoo Finanza reported. Those two factors were cited as pushing oil to its lowest level in eleven days.
The scale of the drop stands out against recent sessions. ANSA had earlier reported WTI trading above $97 a barrel, up 1.40% at $97.12. Borsa Italiana, meanwhile, had covered oil holding above $101 as markets tracked both the US-Iran diplomacy and risks to supply. La Stampa had warned of a far more severe scenario, describing an export halt by Saudi Arabia as a potential "oil nightmare" for Europe, with the possibility of rationing and barrels reaching $140.
The material does not specify which diplomatic developments or export volumes drove Monday's move, and no further detail on the trading session was provided.
What to watch next: whether the diplomatic signals and the return of Saudi supply continue to weigh on prices, or whether supply-risk concerns pull crude back above the levels seen in earlier sessions.
