Crude Oil Extends Losses to Over 6%
Crude oil prices extended their decline on Monday, falling more than 6% to below $98 a barrel as hopes for a diplomatic resolution to the US-Iran conflict eased concerns about further supply disruptions. According to Iran’s state-run IRNA news agency, the country’s supreme leader approved the government’s pursuit of talks aimed at ending the months-long conflict that has disrupted Middle East energy supplies. This followed reports that US President Donald Trump also wanted to give diplomacy more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he preferred negotiations. US Secretary of State Marco Rubio reiterated that Trump favoured a peaceful resolution, while Iranian officials signalled that an agreement remained possible following two days of Qatar-mediated discussions, provided commitments were implemented in practice.
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Crude oil prices extended their decline on Monday, falling more than 6% to below $98 a barrel as hopes for a diplomatic resolution to the US-Iran conflict eased concerns about further supply disruptions. According to Iran’s state-run IRNA news agency, the country’s supreme leader approved the government’s pursuit of talks aimed at ending the months-long conflict that has disrupted Middle East energy supplies. This followed reports that US President Donald Trump also wanted to give diplomacy more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he preferred negotiations.
US Secretary of State Marco Rubio reiterated that Trump favoured a peaceful resolution, while Iranian officials signalled that an agreement remained possible following two days of Qatar-mediated discussions, provided commitments were implemented in practice.