Oil falls on hopes for Qatar-mediated talks to end the U.S.-Iran war
Oil prices fell about 3% to 4% on Monday on hopes for progress in Qatar-mediated talks to end the U.S.-Iran war, with Brent crude trading around $109 to $110 a barrel. Iranian Foreign Minister Abbas Araghchi said the talks were "ongoing and progressing" and that Iran was ready for "both defence and diplomacy"; he also said no direct talks with the U.S. were underway. AP reports Iranian negotiators in Qatar discussed a proposal that could reopen the Strait of Hormuz within two days if the U.S. meets several conditions.
📌 Follow this story: Iran war: the story so far →
The day's 5 biggest stories, verified, free by email
▶ Watch the 90-second briefing (story 4 of 5) 🔔 Get 6 AM & 5 PM alerts
Why it matters
Oil prices had been high, with Brent closing October at its highest level in six months, according to Reuters. A drop in crude prices on hopes for talks can affect what people pay for fuel, but Iran says no direct talks with the U.S. are underway.
Sources
- AP via ABC News: Asian shares are mixed and US futures advance, while oil prices retreat
- Reuters via Business Recorder: Oil drops over 4% on hopes of progress in talks on ending US-Iran war
Also in this edition
Get the catch-up in your inbox
The same fact-checked briefing, sources included, at 6 AM and 5 PM Central. No spin, no spam — unsubscribe anytime.
We only use your email to send the briefing.