A drone view shows fuel vessels docked at the Baniyas oil terminal in Baniyas, Syria

Oil prices slipped more than 1% on ‌Monday after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.

Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel by 0011 GMT, while US West Texas Intermediate crude was $102.56 a barrel, down $1.56, or 1.50%.

Brent ended October at its highest ⁠level in six months amid concerns that the US-Iran conflict could escalate again after Tuesday's US midterm elections.

"Oil is seeing a technical pullback this morning after last week’s strong gains," said Tim Waterer, chief market analyst at KCM Trade.

"Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now."

However, the market remained alert to the possibility that rhetoric around Iran could ‌be ⁠ratcheted higher and push Brent toward $120 after the midterm elections, Waterer said.

Iranian Foreign Minister Abbas Araqchi said on Sunday that the purpose of the "ongoing and progressing" talks was to continue consultations with the Qatari mediators, adding Tehran is prepared for "both defence and diplomacy".

The talks come ⁠amid attacks on oil tankers transiting the Strait of Hormuz that are driving up global energy and shipping costs. In October, Saudi Arabia increased crude exports versus September despite attacks by the Iran-aligned ⁠Yemeni Houthis on its energy infrastructure, two of three ship-tracking companies said.

The Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+, kept December production ⁠targets steady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war.

Add MyJoyOnline as a preferred source on GoogleSee more of our stories when you search on Google. (opens in a new tab)

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:

Oil prices fall over 1% as Iran and Qatar continue talks to end war

Suggested for you

More Stories

Burkina Faso Minister Praises Ghanaian Craftsmanship Ahead of Ghana Day

Ghana DJ Clinic 2026 Announces Strong Speaker Lineup for November 25

Audit Service recovers over GH¢18 billion in public money from 2022 to 2026 - Auditor-General

2026 CAF Women's Champions League: Ampem Darkoa Ladies Fight Back to Beat USFAS Bamako in First Game

GoldBod among 20 companies SEC has added to its virtual asset sandbox

Telecel Gives Customer Brand New Hyundai Creta in Dream Car Promo

Discussion