Oil Falls on Mideast Diplomatic Push
Crude oil prices fell toward $102 per barrel on Monday, pulling back from multi-week highs as investors weighed reports of ongoing diplomatic efforts to end the Middle East conflict against fears of renewed US military action against Iran. Qatari and Iranian officials continued their discussions for a third consecutive day, seeking an agreement to end the US-Israel war on Iran ahead of this week’s US midterm elections. Iran has repeatedly warned that any new attacks would prompt retaliatory strikes against US and Israeli targets in neighboring countries. Meanwhile, President Donald Trump stated that the US would refrain from launching fresh attacks on Iran before the elections, noting that negotiations with Tehran were progressing, although he has not ruled out further military action afterward. Separately, OPEC+ agreed over the weekend to maintain its existing production targets through December as the group continues to evaluate global oil supply and demand conditions.
Story updates
Crude oil prices fell toward $102 per barrel on Monday, pulling back from multi-week highs as investors weighed reports of ongoing diplomatic efforts to end the Middle East conflict against fears of renewed US military action against Iran. Qatari and Iranian officials continued their discussions for a third consecutive day, seeking an agreement to end the US-Israel war on Iran ahead of this week’s US midterm elections. Iran has repeatedly warned that any new attacks would prompt retaliatory strikes against US and Israeli targets in neighboring countries.
Meanwhile, President Donald Trump stated that the US would refrain from launching fresh attacks on Iran before the elections, noting that negotiations with Tehran were progressing, although he has not ruled out further military action afterward. Separately, OPEC+ agreed over the weekend to maintain its existing production targets through December as the group continues to evaluate global oil supply and demand conditions.