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Oil prices fall sharply on US-Iran diplomatic hopes
Oil prices dropped sharply on Monday as both the US and Iran signalled willingness to pursue diplomatic solutions to their conflict.
Oil prices fell significantly on Monday amid reports of US-Iran diplomatic efforts to end their conflict. Brent crude dropped between 6 and 7 per cent to around $105-$108 per barrel, its lowest level in two weeks, whilst US West Texas Intermediate fell to $99.78. US Secretary of State Marco Rubio said President Donald Trump would prefer a peaceful resolution, though he expressed confidence in military capabilities if needed. Iranian authorities also signalled a deal remained possible following talks mediated by Qatar, with foreign minister Abbas Araghchi saying progress depended on Washington demonstrating goodwill. The falls came after reports that a draft peace agreement had circulated and talks continued.
From 6 outlets:
UPI›
CNBC›
Summary written by AI from these reports. See news.today/ai
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