Oil prices fall over 1 per cent as Iran-Qatar talks continue
Crude prices declined on Monday as diplomatic discussions between Iran and Qatar aimed to end the US-Israeli war on Iran.
Oil prices fell more than 1 per cent on Monday as Iranian and Qatari officials held their third consecutive day of talks. According to the Times of India, the discussions aim to secure an agreement to end the US-Israeli war on Iran, easing concerns regarding supply disruptions.
Brent crude futures declined $1.59, or 1.40 per cent, to $111.84 a barrel by 0011 GMT. US West Texas Intermediate (WTI) crude fell $1.56, or 1.50 per cent, to $102.56 a barrel.
Tim Waterer, chief market analyst at KCM Trade, said the fall reflected a technical correction following last week's gains. Waterer noted that hopes for diplomatic progress and the absence of military escalation over the weekend have reduced immediate price pressure.
Iranian Foreign Minister Abbas Araqchi said on Sunday that the ongoing discussions were intended to continue consultations with Qatari mediators. Araqchi added that Tehran is prepared for both defence and diplomacy.
The talks occur amid attacks on oil tankers in the Strait of Hormuz, which have increased global energy and shipping costs. Meanwhile, Opec+ kept December production targets unchanged on Sunday, indicating no further policy adjustments until next year.
Separately, Saudi Arabia increased its crude oil exports in October compared to September, despite attacks by Iran-aligned Yemeni Houthi forces on its energy infrastructure, according to Reuters.
