Oil prices fall more than 3 percent on hopes of progress in Qatar-mediated Iran talks
Global oil prices fell by more than 3 percent on hopes of progress in Qatar-mediated talks aimed at ending the Iran war. The drop came on Monday (2 November) after talks between Iranian and Qatari officials continued for a third consecutive day.
At 04:07 GMT on Monday, Brent crude fell by $3.68, or 3.2 percent, to $109.75 a barrel in international markets. At the same time, US West Texas Intermediate (WTI) fell by $3.43, or 3.3 percent, to $100.69 a barrel.
Tim Waterer, chief market analyst at KCM Trade, said that after significant gains last week, Monday morning's market showed the effect of a technical correction. He said optimism over possible diplomatic progress, and the absence of a major escalation of military tensions over the weekend, had eased pressure on oil prices for now.
Waterer warned, however, that rhetoric and tensions surrounding Iran could rise further. He feared Brent crude could reach $120 a barrel after the midterm elections.
On Sunday, Iranian Foreign Minister Abbas Araghchi said the purpose of the ongoing and advancing talks was to continue consultations with the Qatari mediators. He also said Tehran was prepared for both defence and diplomacy.
