Oil prices ease 3% on optimism for Qatari-led talks on ending Iran war

Brent crude dropped 3.2% to $109.75 a barrel on Monday, while US West Texas Intermediate fell 3.3% to $100.69, Business Recorder reported. The declines followed a third consecutive day of discussions involving Iranian and Qatari officials on ending the US-Israeli war on Iran, which raised hopes of diplomatic progress.

Brent had finished October at a six-month high, amid fears the conflict could intensify after Tuesday’s US midterm elections. Market attention remains on the risk of renewed hostilities, while OPEC+ kept its December production targets unchanged and indicated that further policy adjustments would wait until next year. The talks are taking place as attacks on tankers passing through the Strait of Hormuz add to energy and shipping costs.