FXStreet put West Texas Intermediate (WTI) near $95.30 a barrel early Tuesday, Nov. 3, after Monday's selloff, while Reuters reported Iran's latest talks with Qatari mediators ended without a breakthrough and contacts with Washington continued.
Reuters reported WTI at $96.62 at 12:24 p.m. EST Monday (17:24 GMT/UTC), down $7.50, or 7.2%, with a session low of $96.44 at that snapshot. FXStreet said the prior session's $94.30 low was the benchmark's lowest since Oct. 16. The move follows an earlier WTI decline tied to Iran's conditional Hormuz reopening proposal.
Reuters reported that talks with Qatari mediators concluded without an agreement, although proposals had been revised. Tehran said it remained in contact with Washington. Iranian Foreign Minister Abbas Araqchi said Tehran had put forward its terms and that progress rested on what he described as Washington's political rationality. Reuters also reported Foreign Ministry spokesperson Esmaeil Baghaei said Iran's seven-step proposal continued to guide mediated discussions. Baghaei said Tehran had shortened it into a version Iran believed could be put into operation within two days.
Reuters reported that the conflict has disrupted shipping through the Strait of Hormuz and that the United States has blockaded Iranian ports. Raymond James analyst Pavel Molchanov warned Reuters that traders had seen “many false dawns” in recent months.
The American Petroleum Institute's schedule lists its weekly statistical bulletin for the week ended Oct. 30 for release Nov. 3. It gives no release time and says dates may change.
