Oil prices fell about 3% Monday as negotiations over the war involving Iran continued, while Asian stocks diverged ahead of Tuesday’s U.S. midterm elections.
Reuters put Brent crude futures at $110 a barrel, down 3%, at 2:12 a.m. ET (07:12 UTC). U.S. West Texas Intermediate was $100.62, down 3.4%.
Iranian and Qatari representatives were still discussing a possible end to the war involving the United States and Israel in Iran on the third consecutive day of talks, Reuters reported. The agency linked oil prices to the risk of renewed fighting and said tanker attacks were raising energy and shipping costs worldwide. Brent had ended October at a six-month high, it reported.
South Korea’s Kospi gained 2.2%, while Japan’s Nikkei 225 lost 0.3%, The Associated Press reported. U.S. stock futures rose.
The Federal Reserve held its target range for the federal funds rate at 3.75% to 4% on Oct. 28. Its statement described economic activity as strong and inflation as elevated. Two policymakers favored a quarter-point increase.
The Federal Election Commission lists Tuesday, Nov. 3, as the federal general election date. The Fed’s next rate-setting meeting is scheduled for Dec. 8-9.
