Global oil prices have fallen to a two-week low amid expectations of improved crude supplies from the Gulf region and hopes that the Strait of Hormuz could be reopened.
According to international media reports, Brent crude futures for November delivery fell $2.01, or 2%, to $98.33 per barrel. US West Texas Intermediate (WTI) crude for October delivery declined $2.50, or 2.61%, to $93.28 per barrel.
Market concerns over oil supplies eased after Iran signalled that the Strait of Hormuz could potentially be reopened within the next seven days.
Meanwhile, Saudi Arabia has resumed operations on its East-West pipeline, with oil exports from the Red Sea port of Yanbu also expected to resume on Tuesday.
Analysts said the prospect of increased supplies from the Gulf had eased concerns about an immediate shortage, putting downward pressure on oil prices.
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