Oil prices fell to a two-week low on Tuesday as prospects for Gulf supplies improved, with Iran signaling it could reopen the Strait of Hormuz within seven days and Saudi Arabia set to resume exports from its Red Sea port of Yanbu.
The Brent crude futures November contract was down $2.11, or 2.1%, to $98.23 a barrel at 1151 GMT.
The WTI October contract, which expires on Tuesday, lost $2.48, or 2.59%, to $93.30 a barrel. The more actively traded November contract was down $2.36, or 2.55%, at $90.01 a barrel.
Brent November, WTI October and WTI November futures all touched their lowest levels since September 8.
Iran can reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade on Iranian ports, a senior Iranian official told Reuters on Tuesday.
The official said the Iranian delegation to the UN General Assembly in New York has full authority to revive diplomacy with the US.
Diesel prices have rallied in Europe and the US to record highs as wars in Iran and Ukraine sharply cut exports from some of the biggest producers such as Russia, Saudi Arabia and the United Arab Emirates.
