Oil falls as U.S. and Iran pursue diplomatic talks
Summarised from 4 outlets · Updated 2 Nov, 12:46 · Archive
Oil prices fell sharply after reports that the U.S. and Iran are seeking diplomatic options to resolve Middle East tensions.
Oil prices fell sharply on Monday as reports emerged of diplomatic efforts between the U.S. and Iran to resolve Middle East tensions. Brent crude futures for January delivery fell 3.94% to $108.96 a barrel, while U.S. West Texas Intermediate futures for December declined 4.17% to $99.78 per barrel.
U.S. Secretary of State Marco Rubio said President Trump prefers to resolve the matter 'diplomatically' rather than through military action, noting that 'we would prefer to do it peacefully' whilst maintaining military readiness. Iranian authorities also signalled that a deal remains possible following two days of talks mediated by Qatar, provided demands are implemented tangibly. The diplomatic signals come amid earlier reports that both countries were preparing for possible renewed military actions.
How it is being reported
- Oil prices decline after draft of Iran peace agreement circulatesPrices on crude oil have declined on Monday as the Trump administration discusses a peaceful resolution to the war with Iran ahead of the midterms.UPI · 2 Nov, 16:29
- Oil prices pull back sharply on signs of US-Iran diplomacy to end warThe cost of benchmark Brent crude dropped 7% on Monday to under 106 US dollars a barrel at one stage.Evening Standard · 2 Nov, 15:53
- Oil prices pull back sharply on signs of US-Iran diplomacy to end warThe cost of benchmark Brent crude dropped 7% on Monday to under 106 US dollars a barrel at one stage.Independent Business · 2 Nov, 15:53
- U.S. crude falls below $100 amid reports of U.S.-Iran diplomatic effortsOil fell Monday, amid news that both the U.S. and Iran are pursuing diplomacy amid ongoing Mideast tensionsCNBC · 2 Nov, 09:17
In this story: United States · Iran · Donald Trump · Marco Rubio · Qatar · Middle East
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