OMM Newsroom
Oil prices fell about 6% on Monday as diplomatic efforts to end the US-Iran conflict eased concerns about further disruptions to oil shipments from the Gulf, Anadolu Agency reported.
At 1400 GMT, Brent crude, the international benchmark, was down $6.90, or 6%, at $106.50 a barrel. US benchmark West Texas Intermediate fell $6.25, or 6%, to $97.87 a barrel.
Iran’s Supreme Leader Mojtaba Khamenei approved the government’s pursuit of talks to end the conflict, the state-run “IRNA” news agency reported.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said on Monday that Deputy Foreign Minister Kazem Gharibabadi had travelled to Doha to exchange messages with Washington through Qatari mediators.
Baghaei said Iran’s proposal tied the reopening of the Strait of Hormuz to an end to the US naval blockade of Iran.
US President Donald Trump told Israeli Prime Minister Benjamin Netanyahu in a phone call that he wanted to give diplomacy more time before deciding whether to resume strikes on Iran, “Axios” reported.
US Secretary of State Marco Rubio said on Saturday that Trump preferred a diplomatic resolution and had not yet decided whether to launch further strikes.
Separately, seven OPEC+ producers agreed on Sunday to keep their oil production targets unchanged for December, extending a pause in output increases that began in October.
