Oil Prices Fall More Than 4% as Iran Peace Talks Ease Supply Fears
- 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.
126 Articles
126 Articles
Brent falls to $106.50 a barrel, while US benchmark slips below $98 as diplomatic efforts focus on reopening the Strait of Hormuz
New York, Nov 2 (EFE).- Texas intermediate oil (WTI) plummeted this Monday by 6.19 percent, up to $97.68 a barrel, with reports that both the United States and Iran are looking for diplomatic ways to end the conflict in the Middle East. At 09:00 local time (13:00 GMT), the [...] The entry Texas oil falls more than 6% in the face of a possible diplomatic turn between the US and Iran was first published in HolaNews.
Press reports indicate that Washington and Tehran would seek to favour dialogue rather than a new escalation.
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.
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