Oil slips more than 1% as talks continue on ending Iran war

Oil prices fell on Monday as Iranian and Qatari representatives continued discussions on ending the US-Israeli conflict with Iran, Business Recorder reported. Brent crude was down 1.40% at $111.84 a barrel by 0011 GMT, while US West Texas Intermediate traded at $102.56, lower by 1.50%.

The decline came after Brent finished October at a six-month peak, with traders weighing the possibility of renewed escalation after Tuesday’s US midterm elections against hopes for diplomatic progress. Iran’s foreign minister said the discussions with Qatari mediators were continuing, while attacks on tankers in the Strait of Hormuz have lifted energy and shipping costs. OPEC+ members kept their December output targets unchanged, with further policy changes not expected until next year.