India, Sept. 21 -- Oil prices fell to their lowest level in 11 days on Monday, as investors looked for signs that the US-Iran conflict could move toward diplomacy and watched for a recovery in Saudi Arabia's oil shipments.

Brent crude futures fell $2.12, or 2%, to $101.75 a barrel at 0859 GMT. The contract had earlier touched its lowest level since September 10, according to Reuters.

US West Texas Intermediate (WTI) crude also dropped about 2%. The October WTI contract, which expires on Tuesday, fell $1.96 to $98.34 a barrel. The November WTI contract was at $94.16.

One major reason behind the fall is growing hope for US-Iran diplomacy. Investors are watching this week's United Nations General Assembly in New York for any signs that th...