Oil Prices Fall More Than 3 Percent on Hopes for Qatar-Mediated Talks on Iran War
World 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 dollars 68 cents, or 3.2 percent, to 109 dollars 75 cents a barrel on international markets.
At the same time, US West Texas Intermediate (WTI) fell by 3 dollars 43 cents, or 3.3 percent, to 100 dollars 69 cents a barrel.
Tim Waterer, chief market analyst at KCM Trade, said that after a significant rise last week, Monday morning's market was showing the effect of a technical correction.
According to Waterer, optimism over the possibility of diplomatic progress and the absence of a major rise in military tension over the weekend have eased pressure on oil prices for now.
He warned, however, that rhetoric and tension surrounding Iran could rise further, and he feared Brent crude could reach 120 dollars 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.
Araghchi also said Tehran was prepared for both defence and diplomacy.
