Oil Prices Tumble Under $100 per Barrel as Trump Hints at Reopening Talks With Iran

Oil prices continued to drop on Sept. 21, reaching under $100 per barrel in midday trading after President Donald Trump said over the weekend that he would consider seeking a deal with Iran.

West Texas Intermediate (WTI) crude, a benchmark for North American petroleum, dipped to less than $93 per barrel—retreating from its $107-a-barrel high on Sept. 15.

Brent crude, used to measure internationally traded petroleum, fell to $99.22 per barrel by 1 p.m. Monday before ticking back up to $100 a barrel. That was still much higher than the $72 per barrel it hit earlier this summer, but far from the nearly $110 price on Sept. 14.

Trump told Fox News chief foreign correspondent Trey Yingst on Sunday that “very big things” would happen with Iran in the “not so distant future.” The president said he was debating whether to wipe out the country, let it collapse financially, or make a deal.

Saudi Arabia’s foreign minister praised Trump’s decision to pursue diplomacy and called for an agreement to restore maritime security to pre-conflict conditions.

“The Kingdom of Saudi Arabia highly appreciates the U.S. President Donald Trump’s decision to give diplomacy a chance to reach an acceptable agreement to end the war, restore the security and freedom of maritime navigation in the Strait of Hormuz to its state prior to February 20th, 2026, and address all points of contention in a way that serves the security and stability of the region,” Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah wrote in a post on X on Sunday.

“Saudi Arabia looks forward to Iran seizing the opportunity to avoid the dangerous implications of escalation, and urgently responding to the efforts to advance the negotiations leading up to a comprehensive agreement to achieve lasting peace in the region and the world,” the foreign minister added.

Some crude from the Middle East has made it through the Strait of Hormuz. Traffic has increased daily but has remained only a fraction of pre-conflict levels. Twelve ships were in transit on Sept. 21 with 376 waiting to enter, according to a live monitor. This was only 14 percent of normal average traffic for the strait.

The national average in the U.S. was $4.48 for a gallon of regular gas on Monday, according to the American Automobile Association.

High gas prices hit especially hard this past week in California. It was the only state to reach an average gas price above $6 a gallon as pump prices rose in all major Southern California metro areas, according to the Automobile Club of Southern California.

The average price for a gallon of regular gas in California reached $6.08—19 cents higher than the week before, and $1.43 higher than the same time last year, the organization reported.

The Middle East conflict has affected California gas prices specifically because the state oil market, which requires a government-mandated special blend, has had to import most of its supply from countries that use the Strait of Hormuz.

Several major companies, including Phillips 66 and Valero Energy, have closed California refineries in recent years.

Energy economist Philip Verleger predicted at the beginning of the Iran conflict that the West Coast would become the “poster child” for consequences from the attacks, telling Reuters in March that California drivers could expect gasoline and diesel shortages with unprecedented levels of $10 per gallon.

Reuters contributed to this report.