Brent crude dropped 6.1% Monday to $106.54 a barrel, with traders weighing renewed U.S.-Iran diplomacy as a possible path toward ending the Middle East conflict, Agence France Presse reported.
Agence France Presse (AFP) reported Brent, the main international oil contract, fell to $106.54 a barrel. West Texas Intermediate (WTI), the U.S. benchmark, dropped 6.3% to $97.56.
AFP linked Monday’s further losses to expectations of U.S.-Iran talks; oil had been down about 4% earlier in the session.
Tim Waterer, chief market analyst at KCM Trade, previously told Reuters that the prospect of diplomacy, along with a weekend without major military escalation, had eased immediate pressure on prices.
EconoTimes previously covered Iran's terms for a possible Hormuz reopening, citing the Associated Press (AP). AP earlier reported concern that military action might resume after U.S. voters go to the polls Tuesday, Nov. 3.
