Oil prices fell sharply as investors saw potential for diplomatic progress between the United States and Iran. Markets also watched for a partial recovery in Saudi Arabian oil shipments. Meanwhile, strong demand for AI stocks lifted global equities.
Oil Prices Drop Below $100
Brent crude for November delivery fell to $99.51 per barrel, its lowest level since September 9. The contract dropped $4.36, or 4.2%.
WTI October futures, which expire Tuesday, fell $5.30, or 5.28%, to $95. The November contract stood at $91.68.
The decline followed expectations of possible US-Iran talks during this week’s United Nations General Assembly.
US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian in New York. Pezeshkian is expected to attend the UN gathering this week.
Saudi Oil Shipments Add to Market Optimism
Investors are also watching Saudi Arabia’s efforts to restore some oil shipments. Analysts said Saudi Arabia is using its logistics network to redirect exports despite disruptions affecting regional shipping routes.
However, geopolitical risks remain significant. Oil later settled around $100.34 per barrel for Brent, showing that traders remain cautious about the conflict.
Asian Markets Rise on AI Optimism
Asian markets moved higher after Wall Street posted strong gains.
South Korea’s Kospi rose 1.7%, while Taiwan’s Taiex gained 1.4% in early trading. The Nasdaq Composite also jumped 2.3% to a record close.
Technology stocks led the rally, with investors focusing on advances in artificial intelligence and upcoming US-China discussions.
Meta Shares Surge on Muse AI Assistant
Meta shares jumped 11.4% after its new AI assistant, Muse, gained strong attention from users.
Muse can handle tasks such as booking travel, sending emails and making purchases. The service is available through its dedicated app and WhatsApp.
The AI momentum also lifted semiconductor stocks. AMD gained nearly 10%, pushing its market value above $1 trillion for the first time.
Trump-Xi Meeting Draws Investor Attention
Investors are also watching a planned meeting between Trump and Chinese President Xi Jinping.
The talks are expected to focus partly on trade between the world’s two largest economies. US and Chinese officials have also discussed creating communication channels for artificial intelligence concerns.
Although the two countries have maintained a tariff truce, major trade and technology differences remain unresolved.
For now, falling oil prices and renewed enthusiasm for AI are providing support to global markets. However, developments in the Iran conflict and US-China relations remain key risks for investors.
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