Oil Prices Fall More Than 4% as Iran Peace Talks Ease Supply Fears
Talks between Iranian and Qatari mediators raised hopes of easing shipping disruptions, while Goldman Sachs said a supply shock has added about $27 a barrel to Brent.
- On Monday, Brent crude fell 4.2% to $108.68 per barrel while US West Texas Intermediate dropped 4.2% to $99.74, as talks between Iran and Qatar raised hopes of easing Middle East supply disruptions.
- Iranian Foreign Minister Abbas Araqchi stated on Sunday that Tehran is prepared for "both defence and diplomacy" regarding negotiations in Qatar to reopen the Strait of Hormuz, aiming to prevent all-out war.
- Tim Waterer, chief market analyst at KCM Trade, said diplomatic progress and absent military escalation over the weekend "have taken some of the immediate heat out of prices for now." The price decline reflects easing tension.
- US futures are rebounding from last week's sell-off, though oil prices remain elevated compared to roughly $65 per barrel last year, keeping investors sensitive to further supply disruptions.
- Goldman Sachs warned Brent could jump to $140 in 2027 if Gulf oil output remains 3.5 million barrels per day below 2025 averages, while Wall Street awaits tomorrow's midterm election results.
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115 Articles
US stock index futures jump as oil falls about 6%
Nov 2 (Reuters) – US stock index futures extended gains on Monday, with crude oil prices tumbling close to 6% as talks between Iranian and Qatari officials on a deal to end the US-Israeli war on Iran raised hopes that Middle East supply disruptions could ease. Contacts between Iran and the United States to end their eight-month war are continuing, Tehran’s foreign ministry said on Monday. Brent crude futures dropped 5.9% to $106.76 a…
Oil prices have plunged further on hopes of a deal to end the war with Iran. US WTI crude is down more than six percent and is below $98 per barrel.
The price of the barrel of Brent for delivery in January fell by more than 4%, down to US$100, pending the situation in the Middle East, while investors maintain optimism about possible advances in diplomatic relations between the United States and Iran. At 08:14 EDT this Monday, the Brent, the ... Continue reading "oil prices fall strongly in full optimism for possible advances between the US and Iran"
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