Crude oil prices have fallen for a fourth consecutive session, putting them on track for their longest losing streak since June, as traders closely watch diplomatic efforts to end the US-Iran standoff alongside signals that petroleum shipments continue to move through the Strait of Hormuz. Brent futures have slipped to around $101 per barrel, while West Texas Intermediate (WTI) has dropped below $98.

US President Donald Trump indicated he would "probably" be open to meeting with Iranian President Masoud Pezeshkian during this week's United Nations General Assembly in New York, and may also hold talks with Gulf state leaders. Separately, Admiral Brad Cooper, head of US Central Command, said crude oil and liquefied natural gas flows through the Strait of Hormuz over the past two weeks have reached their highest level in six months. In a video address, he noted that the waterway's main shipping lane has been cleared of mines and that allied Gulf nations have transported more than one billion barrels of oil through the route over the last several months.

Xuyi Zhao, senior oil analyst at Guotai Junan Futures, said the market is transitioning from a period of deteriorating supply conditions to a stage where the worst of the supply crunch may already be behind it. She added that, even so, Brent could continue to consolidate near the $100 mark, as conditions for a sustained drop have yet to materialise.

As of 09:22 Beijing time, Brent crude for November delivery was down 2.4% at $101.43 per barrel, while WTI for October delivery slipped 2.4% to $97.93 per barrel.