Tehran’s conditions for reopening the Strait of Hormuz kept uncertainty over regional crude supplies in focus Monday, as oil prices slid more than 7% on hopes of diplomatic progress.
Reuters reported Brent crude futures settled at $104.77 a barrel, down $8.66, or 7.63%. U.S. West Texas Intermediate closed at $96.46, a decline of $7.66, or 7.36%. The Associated Press separately reported Brent was down about 7.6%. Reuters said markets were responding to the possibility that contacts involving Iranian and Qatari officials could ease the conflict and support steadier regional supply.
Iranian Foreign Ministry spokesperson Esmaeil Baqaei said messages between Tehran and Washington were continuing, Tasnim reported. He said officials had shortened Iran’s seven-stage proposal into a version that could be put into action within two days, and that the proposal remained on the table. Baqaei said the Strait could not reopen unless the U.S. ended its naval blockade and met Iran’s demands.
The Associated Press reported U.S. Vice President JD Vance described “a number of good conversations with the Iranians” and said he and President Donald Trump were positive about the prospects for a negotiated settlement. Vance added, “We’re going to keep on working at it.”
The Associated Press said gasoline price increases linked to the war had become a prominent issue in election campaigns. EconoTimes previously covered an earlier crude-price decline tied to hopes for U.S.-Iran talks. U.S. midterm elections are scheduled for Tuesday, Nov. 3.
