Oil prices slip more than 1 per cent as Iran war talks continue
Brent crude futures fell after Iranian and Qatari officials held a third day of talks to end the US-Israeli war on Iran.
Oil prices fell by more than 1 per cent on Monday as Iranian and Qatari officials held their third consecutive day of talks. According to the Deccan Herald, the discussions aim to reach a deal to end the US-Israeli war on Iran.
Brent crude futures dropped by $1.59, or 1.40 per cent, to $111.84 a barrel. US West Texas Intermediate crude was at $102.56 a barrel, down $1.56, or 1.50 per cent.
Tim Waterer, chief market analyst at KCM Trade, said oil is seeing a technical pullback following strong gains last week. He noted that hopes for diplomatic progress and the lack of military escalation over the weekend have reduced immediate price pressure.
Iranian Foreign Minister Abbas Araqchi said on Sunday that the ongoing talks involve consultations with Qatari mediators. He added that Tehran is prepared for both defence and diplomacy.
The market remains alert to the possibility that rhetoric regarding Iran could push Brent toward $120 after the US midterm elections, Waterer said. Brent had ended October at its highest level in six months.
