Global oil prices fell below $100 a barrel on the 22nd (local time) amid growing expectations of a recovery in crude oil supplies from the Middle East.

On this day, Brent crude futures for November delivery on the London ICE Futures Exchange fell 1.1% to settle at $99.25 a barrel. This marks the first time that the global benchmark Brent crude has dropped below the $100 mark since the 8th ($97.92).

Meanwhile, the October delivery of West Texas Intermediate (WTI) on the New York Mercantile Exchange closed down 1.2% at $94.59 a barrel.

During the high-level general debate at the UN General Assembly at UN Headquarters in New York, U.S. President Donald Trump presented two choices regarding Iran—negotiation or total annihilation—though the market placed more weight on the possibility of a diplomatic solution.

President Trump remarked, "Will we reach an agreement with Iran so they can rebuild and become a nation far greater than ever before? Or will we swiftly annihilate Iran so they never again have the opportunity to kill people and destroy nations?"

He added, "It makes no sense for them not to come to the table, so I believe an agreement will be reached right after the election."

Although the Iranian delegation walked out of the UN General Assembly hall in response to President Trump's use of harsh terms such as "hell" and "annihilation," the market showed little reaction to the political rhetoric.

Instead, the market focused more on signs that supply disruptions in the Middle East were easing.

President Trump emphasized that the U.S. military recently escorted tankers carrying 1 billion barrels of crude oil through the Strait of Hormuz, noting that more oil than ever is passing through the strait under U.S. protection.

Additionally, it was reported that the Saudi Arabian East-West pipeline, which had been damaged by attacks from Yemen's Houthi rebels, has begun restarting operations.

According to Bloomberg, the pipeline has already resumed operations and is expected to recover a significant volume of throughput by this weekend, resuming exports around the 29th.

Furthermore, according to shipping data firm Kpler, the largest shipment since the outbreak of the war with Iran took place at Saudi Arabia's eastern Ras Tanura port, with six VLCCs (Very Large Crude Carriers) departing loaded with 12 million barrels of crude oil.

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