Brent crude fell to $101.71 per barrel while US West Texas Intermediate (WTI) crude slipped below $100 as investors weighed renewed hopes of diplomatic engagement between the United States and Iran this week.

Checks by Nairametrics on Monday, September 21, show that at the opening of markets, WTI crude had lost about $2.10 to trade at $98.20 per barrel, while Brent crude declined by 2.04%, equivalent to $2.12, to trade at $101.75 per barrel.

The decline has taken both benchmarks back toward levels last seen more than a week ago, with Brent and WTI touching their lowest levels since September 10 earlier in Monday’s session.

The movement comes as investors assess the possibility of renewed US-Iran diplomacy around the United Nations General Assembly in New York, while also monitoring the recovery in Saudi crude shipments despite continuing attacks in the region.

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What the data is saying

The latest movement in oil prices follows indications that Iran has given mediators conditions under which it would consider returning to negotiations with the United States.

Iran’s Supreme National Security Council Secretary, Mohsen Rezaei, told Al Jazeera that Tehran had formally communicated its conditions to Washington through Qatari mediators and was awaiting President Donald Trump’s response.

Rezaei said Iran’s conditions include an end to the war on all fronts, the release of frozen Iranian funds and an end to the US naval blockade. He added that Qatar and Pakistan were continuing efforts to revive negotiations between the two sides.

The development has introduced the possibility of a diplomatic path out of the conflict, reducing some of the supply-risk premium that had pushed crude prices higher in recent weeks.

Trump, however, has continued to issue strong warnings against Tehran. In a phone call with a Fox News reporter, he said Iran’s leaders should reach a deal or face severe economic consequences, while also saying he would be open to meeting Iranian President Masoud Pezeshkian, who is expected in New York for the UN General Assembly this week.

Get up to speed

The US-Iran conflict has remained largely deadlocked for months, with neither side showing clear signs of accepting the concessions required for a lasting settlement. The prolonged standoff has disrupted energy markets, weakened Iran’s economy and contributed to wider military tensions across the Middle East.

The developments came after attacks involving Iran, Yemen’s Houthi rebels and Saudi Arabia raised fresh concerns about crude supplies through key Middle Eastern shipping routes. Oil prices subsequently rose by more than 2.5%, with Brent moving toward $107 per barrel and WTI above $102 per barrel at the time.

What you should know

It remains uncertain whether the latest decline in crude prices will be sustained long enough to have a visible impact on petrol prices in Nigeria, which rose to fresh levels last week.

  • On September 13, checks by Nairametrics showed that most filling stations in Lagos were selling petrolbetween N1,400 and N1,430 per litre, while MRS stations sold at N1,395. In Abuja, pump prices ranged between N1,400 and N1,450 per litre.
  • The pressure has also been reflected in Nigeria’s broader energy costs. The country’s energy inflation rate rose to 4.69% in August 2026 from 4.40% in July, reversing the decline recorded in the previous month, according to the National Bureau of Statistics.

However, the August inflation data predates the latest surge in petrol prices in September, meaning the full effect of the recent fuel-price increases has not yet been reflected in the official energy inflation figures.