USO•Oil prices fell more than 1% as Iranian and Qatari officials held a third day of talks aimed at ending the US-Israeli war on Iran. Brent was down 1.40% at $111.84 a barrel and U.S. West Texas Intermediate fell 1.50% to $102.56.
Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel, while U.S. West Texas Intermediate crude dropped $1.56, or 1.50%, to $102.56. Brent had ended October at a six-month high.
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. OPEC+ kept December production targets steady, with further policy adjustments not expected until next year.
