Oil Prices Fall More Than 4% as Iran Peace Talks Ease Supply Fears
Talks between Iranian and Qatari officials raised hopes of easing Middle East supply disruptions, while Brent crude dropped 4.2% and West Texas Intermediate fell 4.1%.
- 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.
150 Articles
150 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.
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Oil prices fall by more than 6 per cent on Monday night in hopes of ending the conflict in the Middle East.
Brent falls to $106.50 a barrel, while US benchmark slips below $98 as diplomatic efforts focus on reopening the Strait of Hormuz
Oil prices slump 6% as Iran signals openness to talks to end war
Oil prices extended losses on Monday, with Brent crude falling over 6% after Iran's supreme leader gave the government approval to pursue talks that could help end the eight-month conflict and ease concerns over energy supplies from the Middle East.
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