Crude oil prices have been falling for the third day in a row, and market concerns about supply have abated. Traders are focusing on a new round of diplomatic negotiations that will affect the direction of the US-Iran war. West Texas Intermediate crude fell back to around $101 a barrel, with a cumulative decline of nearly 4% over the previous two trading days; Brent crude closed below $105 per barrel. On the Middle East side, Saudi Arabia is working to repair the damaged east-west oil pipeline, which leads to the Red Sea coast, and plans to restore about half of its transportation capacity within a few days. Meanwhile, some tankers are still crossing the strait of Hormuz, where the situation is tense. US President Donald Trump said he is about to make a “major decision” to determine whether to escalate the crackdown on Tehran. Next week, he will hold an off-site meeting with the Persian Gulf countries during the UN General Assembly in New York. WTI crude oil for October delivery fell 0.8% to $101.12 a barrel. Brent crude oil for November delivery fell 1% to close at $104.82 a barrel.

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