Crude Oil Extends Losses
Crude oil fell towards $89 a barrel on Monday, extending the previous week’s 12.8% decline as markets weighed diplomatic efforts to end the Middle East conflict against continued regional attacks. US President Donald Trump said extensive strikes on Iran were unlikely if Tehran agreed to a strong deal, ahead of a meeting with Qatar’s prime minister. However, prospects for a breakthrough remain uncertain. US forces reportedly struck Iran’s Qeshm Island overnight, while Secretary of State Marco Rubio played down expectations for progress in negotiations. Tensions also persisted around the Strait of Hormuz, where a tanker was reportedly hit by an unidentified projectile. Separately, Iran-backed Houthi rebels damaged Saudi Aramco offices in Riyadh, prompting Saudi forces to destroy two missile launchers. Despite the security risks and repeated attacks on shipping, crude exports from the Persian Gulf have begun to recover.
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Crude oil fell towards $89 a barrel on Monday, extending the previous week’s 12.8% decline as markets weighed diplomatic efforts to end the Middle East conflict against continued regional attacks. US President Donald Trump said extensive strikes on Iran were unlikely if Tehran agreed to a strong deal, ahead of a meeting with Qatar’s prime minister. However, prospects for a breakthrough remain uncertain. US forces reportedly struck Iran’s Qeshm Island overnight, while Secretary of State Marco Rubio played down expectations for progress in negotiations.
Tensions also persisted around the Strait of Hormuz, where a tanker was reportedly hit by an unidentified projectile. Separately, Iran-backed Houthi rebels damaged Saudi Aramco offices in Riyadh, prompting Saudi forces to destroy two missile launchers. Despite the security risks and repeated attacks on shipping, crude exports from the Persian Gulf have begun to recover.