Crude oil prices fall as Iran-Qatar talks continue to end war
Brent crude fell to $111 a barrel on Monday as diplomatic discussions aimed at ending the US-Israeli war on Iran progressed.
Crude oil prices declined on Monday as Iranian and Qatari officials held discussions for a third consecutive day. According to reports from The Economic Times and Times of India, the talks aim to reach an agreement to end the US-Israeli war on Iran that began in February.
Brent crude futures fell to $111 a barrel, while US West Texas Intermediate (WTI) crude dropped to approximately $102 a barrel. The decline follows a period where Brent ended October at its highest level in six months due to fears of renewed conflict following the US midterm elections.
Iranian Foreign Minister Abbas Araqchi stated on Sunday that the ongoing discussions involve consultations with Qatari mediators. He noted that Tehran is prepared for both diplomacy and defence. These negotiations occur amid attacks on oil tankers in the Strait of Hormuz, which have increased global shipping and energy costs.
US Secretary of State Marco Rubio said on Saturday that President Donald Trump has not yet determined if new strikes against Iran will occur, though he prefers a diplomatic resolution. President Trump has indicated he could resume airstrikes after the midterm elections on November 3.
Market analysts at Saxo Bank suggested oil markets could remain volatile during the upcoming weeks. Goldman Sachs researcher Daan Struyven noted that while prices could reach $120 a barrel if Middle East vessel attacks escalate, they could fall to $80 a barrel if exports return to normal levels.
