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Oil Prices Slide Most Since July on Hopes for More Iran Talks
Oil prices slide most since July as hopes grow for more Iran talks.
Key points
- Brent crude fell 7.6% to close at $104.77 a barrel, while U.S. crude dropped 7.3% to $96.46.
- Traders read Iran's comments as a choice to keep diplomatic talks with the U.S. through mediators rather than escalate.
- Diesel futures slid 5.4% on Monday but remain up almost 110% since the start of the year.
Why it matters. Energy markets remain on edge because reports suggest Trump could resume striking Iran after Tuesday's midterm elections, which could lead Iran to attack energy assets across the Middle East.
Brent crude closed down 7.6% at $104.77 a barrel on Monday, while U.S. crude fell 7.3% to $96.46, as investors hoped for a path to end the Iran conflict without further escalation. Iran's IRNA news agency cited the Iranian president saying the supreme leader had granted the government certain authorities to resolve problems through dialogue. Trump told reporters that oil was down $10 and would fall much further, while diesel futures slid 5.4%.
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Oil Prices Slide Most Since July on Hopes for More Iran Talks
Oil prices posted their sharpest one-day drop in three months on Monday, according to NBC News. International Brent crude fell 7.6% to close at $104.77 per barrel, while U.S. crude dropped 7.3% to $96.46. The declines followed a series of headlines about Iran that gave investors hope the Trump administration could end the conflict without further escalation. President Donald Trump twice answered "No" when asked whether the U.S. plans to resume strikes on Iran after the midterm elections. Oil markets remain highly sensitive to developments in the Middle East, and further diplomatic news is likely to move prices.