Oil Prices Fall More Than 4% as Iran Peace Talks Ease Supply Fears
Oil prices slid more than 4% as Iranian and Qatari talks raised hopes of reopening the Strait of Hormuz, easing supply disruption 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.
158 Articles
158 Articles
Evening Standard
Oil prices pull back sharply on signs of US-Iran diplomacy to end war
The cost of benchmark Brent crude dropped 7% on Monday to under 106 US dollars a barrel at one stage.
Netanyahu presses Trump to attack Iran, but US president says he wants to make room for diplomacy - Two-day plan to de-escalate crisis and open Strait of Hormuz, Tehran submits
Oil prices fall by more than 6 per cent on Monday night in hopes of ending the conflict in the Middle East.
Radio France Internationale
Pakistan Live NewsOil prices sink on US-Iran detente hopes ahead of midterms
The Axios news outlet reported that US Vice President JD Vance had sent a letter to Iranian national security chief Mohsen Rezaei about possible new talks, marking the highest-level move in months. Iran meanwhile said it was ready to reopen the Strait of Hormuz within two days should the United States agree to ending the war on all fronts, among other conditions related to the conflict. Later, President Masoud Pezeshkian said the country's supre…
Brent falls to $106.50 a barrel, while US benchmark slips below $98 as diplomatic efforts focus on reopening the Strait of Hormuz
Coverage Details
Bias Distribution
- 43% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
