Oil prices retreat to $110 on Iran diplomacy hopes
Mettis Global • • 1 min read
Oil prices fell on Monday as renewed Iran-Qatar diplomacy raised hopes of a deal to end the U.S.-Israeli war on Iran. Brent was down 3.29% at $109.70 a barrel, while West Texas Intermediate dropped $3.50, or 3.36%, to $100.62 by 09:25 am PST, Mettis Global reported.
The decline followed a rally that had taken Brent to its highest monthly close in six months. Market analyst Tim Waterer cited a technical pullback, diplomatic optimism and no major military escalation over the weekend, while warning that harsher post-election rhetoric could lift Brent to $120. Tanker attacks near the Strait of Hormuz, higher Saudi exports in October and OPEC+’s decision to keep December production targets unchanged also shaped supply concerns.
At a glance
- Brent crude fell 3.29% to $109.70 a barrel.
- WTI declined 3.36% to $100.62 by 09:25 am PST.
- OPEC+ kept December oil production targets unchanged.
Originally reported by Mettis Global
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