Oil prices ease 3% on optimism for Qatari-led talks on ending Iran war
USO•Oil prices fell more than 3% on Monday as Iranian and Qatari officials held a third day of talks aimed at ending the US-Israeli war on Iran. Brent was at $110 a barrel and US WTI at $100.62; OPEC+ kept December output targets steady.
1. Prices retreat
Brent crude futures fell $3.43, or 3%, to $110 a barrel, while US West Texas Intermediate crude dropped $3.50, or 3.4%, to $100.62. Brent had ended October at a six-month high.
2. Talks and supply
Iranian Foreign Minister Abbas Araqchi said the talks with Qatari mediators were ongoing and progressing, and that Tehran was prepared for both defence and diplomacy. Attacks on tankers transiting the Strait of Hormuz have raised global energy and shipping costs.
3. Output targets steady
OPEC+ kept December production targets unchanged, with further policy adjustments not expected until next year. Some analysts expect oil’s upside to be capped around $120 a barrel, arguing the market has priced in the risk of further escalation.
