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Brent Crude Falls Over 6% to $105.55 on Hopes of Ending the Iran War
Oil benchmark Brent drops over 6% to $105.55 as hopes rise of ending the Iran conflict
Key points
- Brent fell as low as $105.55 a barrel on Monday, its lowest since 16 October.
- Qatari officials tried over the weekend to negotiate release of over $6bn (£4.5bn) in Iranian assets.
- IAG shares rose 4.2% in London while United Airlines jumped 7% in New York.
Why it matters. Lower oil prices sparked hopes of easing the inflationary pressures gripping the global economy, though the source notes a risk that Trump will try one last throw after the midterms.
The international benchmark Brent fell over 6.5% to as low as $105.55 a barrel on Monday, its lowest since 16 October, after Tehran said talks with Washington to end the eight-month war were continuing. Foreign minister Abbas Araghchi said mediated consultations were very intensive, according to state media outlet IRNA. Yields on 10-year UK bonds fell 10 basis points to their lowest since 22 September, while IAG shares rose 4.2% in London.
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Brent Crude Falls Over 6% to $105.55 on Hopes of Ending the Iran War
Brent crude, the international oil benchmark, fell by more than 6.5% on Monday to as low as $105.55 a barrel. The decline was its lowest level since 16 October. Oil prices fell after Tehran said contacts between Iran and the United States aimed at ending their eight-month war were ongoing. Iran said the consultations were being conducted through mediators. The fall lifted airline shares and pushed down government borrowing costs. Markets remain sensitive to any sign of a breakthrough or renewed escalation.