Oil prices declined for a fourth consecutive day, marking the longest losing streak since June, as markets weighed diplomatic efforts to resolve the US-Iran conflict and continued crude flows through the Strait of Hormuz. Brent crude dropped toward $101 a barrel, while West Texas Intermediate fell below $98.

President Donald Trump told Fox News he would "probably" be open to meeting Iranian President Masoud Pezeshkian during the UN General Assembly in New York this week. Trump is also scheduled to hold a summit with Chinese President Xi Jinping and may meet with Persian Gulf leaders.

The potential diplomatic breakthrough has eased supply concerns that previously supported prices. Traders are monitoring whether negotiations can de-escalate tensions that have threatened shipments through the critical Hormuz chokepoint.